- Immutable (IMX) price soared, trading above $0.72 at the time of writing with 16% gains in 24 hours.
- The token surged amid regulatory related news.
- According to Immutable, the US Securities and Exchange Commission has dropped its investigation into the web3 gaming platform.
The US Securities and Exchange Commission has ended its investigation into Immutable, the company building web3 games on Ethereum.
Immutable announced the SEC’s move on Tuesday, noting that the regulator had dropped the probe without any conditions. The news saw the price of Immutable’s native token IMX surge sharply, with the token trading above $0.72. Its 24-hour gains at the time of writing was more than 16%.
SEC ends Immutable probe
According to an announcement Immutable posted on X on Tuesday, SEC has informed the crypto company that the regulator has dropped an investigation related to its native token IMX.
In November 2024, Immutable revealed it had received a Wells Notice from the US securities watchdog. Like in other instances, the notice is the regulator’s way of saying a company is in its crosshairs in terms of potential violations of the securities laws.
The regulator issues such notices when investigating recipients for various reasons, including alleged illegal offer and sale of securities. Wells Notices alert the targeted entity that the agency is looking at an enforcement action,
Immutable received this notice last year.
“That inquiry is now officially closed, with zero findings of wrongdoing, and the SEC is taking no action. This is a huge win – not just for web3 gaming, but everyone who believes in digital ownership rights,” the web3 gaming company posted on X.
Immutable is the latest crypto platform or company to get notified that the SEC is dropping its investigation. Over the past several weeks, the regulator has ended multiple crypto enforcement actions and investigations.
These include the closing of probes against Robinhood, OpenSea, and Yuga Labs, as well as voluntary withdrawal of cases against Coinbase, Kraken, Consensys and Ripple. On Tuesday, Ripple announced it was withdrawing its own cross-appeal in the SEC case.
All these developments have followed the election of President Donald Trump and the exit of former SEC Chair Gary Gensler, who resigned and left on January 20, 2025.
A pro-crypto environment under Trump and new SEC leadership is helping flip the approach that negatively impacted the industry.
