SEC Drops Investigation into Web3 Gaming Firm Immutable

The US Securities and Exchange Commission (SEC) has invariably closed its research into Ethereum-based gaming platform without enforcement action, the company announced Tuesday.

The decision ends a five -month battle that started when the regulator issued Invertible A Wells -Knowledge in October 2024, which investigated in possible enforcement actions on alleged violations of the securities legislation with regard to the IMX -Token of the company.

Without further legal consequences against unchanging, the IMX Ecosystem Foundation and its CEO James Ferguson, was the resolution praised By the company as “a victory for web3 gaming” and “everyone who believes in digital property rights.”

The investigation now concluded was aimed at alleged violations of effects with regard to the sale of IMX token in 2021, when only $ 12.5 million yielded at least $ 12.5 million. The SEC had also questioned the representations about the support of the token, in particular with regard to a pre-launch investment of Huobi Ventures.

At the time of the Wells knowledge, the SEC approach was unchanged as “over -range” and claimed that the IMX -Token was not security.

All part of the pattern

The dismissal follows a broader pattern of the Invest Against Crypto companies under the Trump administration, which has established a crypto task force under the leadership of Hester Peirce and has left ‘Regulation by enforcement’.

Afterwards it is worth noting that the IMX tokens were in question Dumped by gamestop In 2022 at that time at that time about $ 47 million, after a now poorly finite deal between unchanging and gamestop in which the latter Launched an NFT marketplace That used unchanging X’s Layer-2-scale solution to process transactions.

It remains unclear whether the ETH earned from these reimbursements was later resolved, where they went, and whether they were an “intangible” amount, similar to language that Social Media Platform Reddit used to describe are crypto companies when it submitted For an IPO with the SEC in February 2024.

Earlier today, Decrypt reported that Gamestop has updated his investment policy Add and allow Bitcoin As an investment instrument.

Published by Sebastian Sinclair