SEC Decides to Close Investigation into Web3 Gaming Company Immutable

Immutable, an Australian company, disclosed that the U.S. Securities and Exchange Commission (SEC) has dropped its investigation into the Web3 gaming platform and will not file enforcement charges, as announced by the company on Tuesday.

In November, Immutable received a Wells notice from the SEC, indicating its intention to take enforcement action against the company. The investigation was believed to be related to the listing and private sale of the IMX token in 2021.

Robbie Ferguson, co-founder and president of Immutable, stated, “We are pleased that the SEC has concluded its inquiry. This is a significant milestone for the crypto industry and gaming as we strive for regulatory clarity.”

Ferguson expressed excitement about the regulatory clarity emerging from the U.S. government and stated, “With a clear regulatory framework, we plan to expedite our efforts to bring digital ownership to the world’s 3.1 billion gamers.”

The SEC chose not to provide a comment, citing its policy of not confirming or denying the existence of investigations.

Immutable’s case is among several that have seen the SEC terminate investigations and drop legal actions under the new leadership. The SEC has shifted away from the previous enforcement-focused approach under Gary Gensler, with Acting Chair Mark Uyeda leading a revamped strategy for crypto regulation.

While some investigations have been closed without enforcement actions, others, such as Unicoin, are still undergoing review by the SEC. Unicoin received a Wells notice last year and continues to work towards compliance.

Crypto.com also received a Wells notice and initiated legal action against the SEC and Gensler. The lawsuit was later withdrawn, but the status of the SEC’s investigation into Crypto.com remains undisclosed.

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