5 days ago
The Australian crypto institution disclosed it had received a Wells announcement from the U.S. SEC past November.
Mar 25, 2025, 7:37 p.m. UTC
The U.S. Securities and Exchange Commission (SEC) has dropped its probe into Web3 gaming level Immutable and volition not record enforcement charges, according to a Tuesday announcement from the company.
Immutable, an Australian company, disclosed that it had received a Wells announcement — fundamentally an authoritative heads-up from the SEC that it intends to record an enforcement enactment against the recipient — successful November. At the time, the steadfast speculated that the SEC’s probe was tied to its listing and backstage income of its autochthonal IMX token backmost successful 2021.
“We are pleased the SEC has concluded its inquiry,” said Robbie Ferguson, Immutable’s co-founder and president, successful a statement. “This marks a important milestone for the crypto
industry and gaming arsenic we beforehand towards a aboriginal with regulatory clarity.”
Ferguson added that the steadfast was “thrilled” astatine the processing regulatory clarity coming from the U.S. government, and said that “with a wide regulatory framework, we program to accelerate our ambitions to bring integer ownership to the 3.1 cardinal gamers successful the world.”
The SEC declined to comment, telling CoinDesk that the bureau “does not remark connected the beingness oregon nonexistence of a imaginable investigation.”
The SEC’s determination to extremity its probe into Immutable is the latest successful a drawstring of closed probes and dropped litigation arsenic the bureau continues its full-scale retreat from erstwhile Chair Gary Gensler’s alleged “regulation by enforcement” attack to the crypto industry. Under the enactment of Acting Chair Mark Uyeda, the SEC has signaled a full overhaul successful its crypto regularisation strategy, mounting up a Crypto Task Force spearheaded by crypto-friendly Commissioner Hester Peirce and starting a bid of roundtable discussions with manufacture players.
In the less-than-three-month span since U.S. President Donald Trump took bureau — catalyzing a regulatory oversea alteration for the crypto manufacture — the SEC’s investigations into crypto speech Gemini, trading level Robinhood, non-fungible token (NFT) marketplace OpenSea, NFT institution Yuga Labs, and now, Immutable, person each been dropped, with nary enforcement charges filed. The agency’s litigation against crypto companies including Kraken, Coinbase, ConsenSys, Ripple andCumberland DRW person besides been dropped. Still much litigation, including the SEC’s cases against Tron and Binance, person been paused.
However, not everyone who received a Wells announcement is disconnected the SEC’s hook yet. Crypto issuer Unicoin received a Wells announcement past twelvemonth informing the steadfast that the SEC planned to bring charges alleging violations related to fraud, deceptive practices and the connection and merchantability of unregistered securities.
A spokesperson for Unicoin told CoinDesk that the steadfast “remains successful the last stages of the SEC reappraisal process.”
“As of now, we person not received immoderate caller updates oregon ceremonial feedback from the SEC regarding our registration,” the spokesperson added. “We are afloat committed to compliance and transparency, and we proceed to enactment toward securing the indispensable approvals for our planned offerings.”
Crypto.com besides received a Wells announcement from the SEC past year, aft which it sued the agency and then-Chair Gensler, accusing the regulator of “unlawfully expanding its jurisdiction.” The suit was aboriginal dropped. Crypto.com has not publically commented connected the presumption of the SEC’s investigation, and did not respond to CoinDesk’s petition for comment.
Cheyenne Ligon
On the quality squad astatine CoinDesk, Cheyenne focuses connected crypto regularisation and crime. Cheyenne is primitively from Houston, Texas. She studied governmental subject astatine Tulane University successful Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, wherever she focused connected concern and economics reporting. She has nary important crypto holdings.
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