Source: Blockchain Knight
On March 25, Australian Web3 gaming company Immutable announced that the U.S. Securities and Exchange Commission (SEC) has officially concluded its investigation into the company.
Known for its Ethereum-based game infrastructure and native token IMX, Immutable revealed that it received a Wells Notice from the SEC in November 2024, indicating the agency was considering enforcement action.
Immutable believes the investigation was related to its token's listing and early sales, dating back to 2021. With the investigation now withdrawn and no charges filed, Immutable stated that this decision represents a step forward in clearer regulation for the blockchain gaming sector.
Aiming to introduce blockchain-based ownership to the global gaming market, Immutable said that with regulatory uncertainty now eliminated, it plans to accelerate its expansion.
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The closure of this case adds to the growing list of enforcement actions suspended or withdrawn during SEC Acting Chair Mark Uyeda's tenure.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 term.
In recent weeks, investigations into other major crypto companies, including Gemini, Robinhood, OpenSea, and Yuga Labs, have also been concluded. Meanwhile, legal proceedings involving Coinbase, Ripple, and Kraken have been dismissed or paused.
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 hosted 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 constitute 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 from the Trump administration.
