The US Securities and Exchange Commission (SEC) has officially ended its investigation into Australian-based crypto gaming firm Immutable, bringing a significant chapter in the company’s regulatory journey to a close.
On March 26, Immutable confirmed in a public statement that the SEC will not pursue any enforcement action against the company, its IMX Ecosystem Foundation, or its CEO.
The firm emphasized that this marks the formal closure of the investigation and validates its long-standing efforts to remain compliant with U.S. securities laws.
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SEC Launched Investigation Into Immutable After Issuing Wells Notice
The investigation began after Immutable received a Wells notice from the SEC in October, signaling that the regulator was considering legal action. The company has since maintained its innocence and cooperation throughout the process.
Immutable welcomed the decision, viewing it as a positive signal not only for the company but for the broader Web3 gaming sector.
“From day one, we have been committed to regulatory compliance while continuing to deliver innovative products for gamers,” the company stated.
Over the past year, Immutable has launched “Immutable Play,” signed a record number of new gaming titles, and surpassed one million users for its Passport identity solution.
Following the announcement, the price of Immutable’s native token, IMX, surged nearly 15% on March 25, reaching a high of just under $0.74 — its strongest performance since early March.
The price later retraced to around $0.67, according to CoinMarketCap data. A return to the $0.70 level could trigger the liquidation of nearly $450,000 in short positions, per CoinGlass.
Despite the Wells Notice, in the last year we’ve still managed to ship:
>zkEVM – the 11th most popular blockchain in the world
>Passport – with 4.9M+ sign ups
>3 partnerships with multi-billion dollar companies
>x2 our total games to 500+We’re excited to now truly accelerate.
— Robbie Ferguson | Immutable (@0xferg) March 25, 2025
IMX, which reached an all-time high of $9.32 during the 2021 crypto bull run, has yet to return to similar heights amid ongoing market uncertainty.
Despite the SEC’s favorable decision, the broader gaming token sector has seen its total market cap decline by 3.65% over the past month to $13.13 billion, with trading volumes down 33.45% to $1.75 billion.
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Immutable Case Closure Reflects SEC’s Shifting Approach to Crypto Enforcement
The SEC’s move to close the Immutable case is part of a broader trend in its crypto enforcement strategy. In recent months, the agency has also dropped investigations into other major crypto firms, including OpenSea, Uniswap, Robinhood, and Gemini.
To enhance regulatory clarity, the SEC has also launched a crypto-focused task force led by Commissioner Hester Peirce.
Meanwhile, Ripple is nearing the end of its own legal battle with the SEC. A March 26 update confirmed Ripple will not pursue a counter-appeal after the SEC agreed to drop its appeal earlier this month.
The company will pay a reduced fine of $50 million, down from the initially proposed $125 million.
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Key Takeaways
- The SEC has officially closed its investigation into Immutable with no enforcement action.
- Immutable’s IMX token surged nearly 15% following the announcement, reflecting investor optimism.
- The move is part of a broader SEC shift, as it drops cases against multiple crypto firms to clarify regulations.
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