Written by: cryptoslate

Compiled by: Blockchain Knight

On March 25, the Australian Web3 game company Immutable announced that the U.S. Securities and Exchange Commission (SEC) has officially concluded its investigation into the company.

Immutable, known for its Ethereum-based game infrastructure and native token IMX, revealed that it received a Wells Notice from the SEC in November 2024, indicating that the agency was considering enforcement action.

Immutable believes that the investigation was related to its token listing and early sales, which can be traced back to 2021. With the investigation now withdrawn and no charges filed, Immutable says this decision is a step towards clearer regulation in the blockchain gaming sector.

Immutable aims to bring blockchain-based ownership to the global gaming market, and the company states that with regulatory uncertainty now eliminated, it plans to accelerate its expansion pace.

A Series of Investigations Concluded

The closure of this case adds to the growing list of enforcement actions suspended or withdrawn during SEC Acting Chair Mark Uyeda's tenure.

Since taking office in January, Uyeda has overseen the withdrawal of several high-profile investigations, with the agency moving away from the aggressive enforcement strategy adopted during Gary Gensler's tenure.

In recent weeks, investigations into other major crypto companies, including Gemini, Robinhood, OpenSea, and Yuga Labs, have also been concluded. Meanwhile, legal proceedings involving companies like Coinbase, Ripple, and Kraken have been dismissed or suspended.

The SEC has also established a new Crypto working group led by Commissioner Hester Peirce, who has long advocated for clearer crypto guidelines.

This move is part of a broader effort to collaborate with industry stakeholders to develop formal rules rather than relying primarily on enforcement.

Special Working Group

Since its establishment in January, the Crypto special working group has adopted a more collaborative and transparent approach to crypto asset regulation.

The working group has held a series of public roundtable discussions addressing core issues such as digital asset classification, crypto asset trading platforms, custody solutions, tokenization, and decentralized finance.

It has also actively sought public input from industry stakeholders, including a formal submission from Ripple advocating for clear, predictable standards to determine whether digital assets qualify as securities.

The working group's efforts mark a broader shift in regulation towards structured rules aimed at providing regulatory clarity while supporting innovation in the digital asset space.

The SEC's change in stance comes amid a broader reassessment of crypto regulation in Washington, partly driven by policy shifts during the Trump administration.