tl;dr
The US Securities and Exchange Commission (SEC) has closed its investigation into Immutable (IMX), a blockchain-based gaming platform, following the regulator's decision to drop enforcement action. Immutable co-founder Robbie Ferguson announced the development, emphasizing its significance for Web3 ...
The US Securities and Exchange Commission (SEC) has dropped its probe into Immutable (IMX), a blockchain-based gaming platform, following the regulator's decision to drop enforcement action. Immutable co-founder Robbie Ferguson announced the development, emphasizing its significance for Web3 gaming and digital ownership rights.
Despite facing scrutiny over token listing and private sales, Immutable defended its position, ultimately resulting in "zero findings of wrongdoing." The market responded positively to the news, with Immutable's IMX token rising 7.5% and experiencing a surge in trading volume, reflecting growing confidence in the company's future prospects.
Ferguson referred to this as a significant victory for Web3 gaming, emphasizing its importance in safeguarding digital ownership rights. Immutable had been under scrutiny after receiving a Wells Notice from the SEC in November 2024. The SEC’s probe focused on Immutable’s 2021 IMX token listing and private sales, raising fears of potential securities law violations. Yet, Immutable strongly defended its position throughout. The company’s resilience paid off, with the investigation concluding with “zero findings of wrongdoing.”
This significant market movement reflects growing confidence in Immutable’s future prospects, with the company’s legal victory giving traders renewed optimism about its potential. This outcome aligns with a broader shift in the SEC’s approach to crypto regulation under Acting Chair Mark Uyeda.
Notably, the market responded positively to the news. According to BeInCrypto data, Immutable’s IMX token rose 7.5% over the past day, trading at $0.6. Its trading volume surged by triple digits, marking a 122.0% increase over the past day, indicating heightened trader activity.