TLDR
- Immutable announced the SEC has closed its investigation into the company with no enforcement action.
- IMX token surged 15% following the news, reaching its highest price since early March.
- The SEC had previously issued a Wells notice to Immutable in late 2024.
- This is part of a broader regulatory shift under the Trump administration and Acting SEC Chair Mark Uyeda.
- Multiple crypto investigations have been dropped since former Chair Gary Gensler’s exit in January 2025.
The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Web3 gaming platform Immutable without filing any charges. The Australian crypto company announced the end of the probe on March 25, 2025.
Immutable had received a Wells notice from the SEC in late 2024. This notice typically signals that the agency plans to bring enforcement action against a company.
At the time, Immutable believed the investigation was related to its 2021 listing and private sales of its IMX token.
The news caused the IMX token to surge 15% to nearly $0.74. This marks the highest price the token has reached since March 3, before a market downturn pushed it down to $0.46 on March 11.
IMX Price
By the time of publication, the token had fallen back to around $0.67. The token’s all-time high was $9.32, reached during the gaming token rally of November 2021.
Immutable co-founder Robbie Ferguson called the SEC’s decision “an enormous win for Web3 gaming” in a post on social media platform X. He added that “after a year of fighting, this threat to digital ownership rights has finally been put to rest.”
The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken.
This is an enormous win for web3 gaming – after a year of fighting, this threat to digital ownership rights has finally been put to rest.
We’re excited to build.
— Robbie Ferguson | Immutable (@0xferg) March 25, 2025
Ferguson also expressed enthusiasm about increasing regulatory clarity in the United States. He stated that Immutable plans to “accelerate our ambitions to bring digital ownership to the 3.1 billion gamers in the world” thanks to the clearer regulatory framework.
The broader crypto gaming market has shown mixed performance in recent weeks. While several top gaming tokens have seen short-term gains, the total market cap of gaming tokens has dropped 3.65% over the past 30 days to $13.13 billion.
Trading volume for gaming tokens has decreased even more sharply. It has fallen 33.45% to $1.75 billion during the same period.
Change in Policy
The SEC’s decision to end its investigation into Immutable comes as part of a larger shift in the agency’s approach to cryptocurrency regulation. This change began after Donald Trump won the 2024 presidential election and took office in January 2025.
Former SEC Chair Gary Gensler, who had pursued an aggressive “regulation by enforcement” strategy against crypto companies, is no longer leading the agency. Acting Chair Mark Uyeda has signaled a complete change in the SEC’s approach to crypto regulation.
Under the new leadership, the SEC has established a Crypto Task Force led by Commissioner Hester Peirce, who has long been seen as friendly to the crypto industry. The agency has also started holding roundtable discussions with industry participants.
Dropped Investigations
In less than three months since the change in administration, the SEC has dropped investigations into several major crypto companies. These include crypto exchange Gemini, trading platform Robinhood, NFT marketplace OpenSea, and NFT company Yuga Labs.
The agency has also dropped litigation against Kraken, Coinbase, ConsenSys, Ripple, and Cumberland DRW. Other cases, including those against Tron and Binance, have been paused.
Not all companies that received Wells notices have been cleared. Crypto issuer Unicoin told CoinDesk it “remains in the final stages of the SEC review process” and has not received any updates about its case.
Crypto.com, which also received a Wells notice last year, has not publicly commented on the status of the SEC’s investigation. The company had previously sued the SEC and then-Chair Gensler, accusing the regulator of “unlawfully expanding its jurisdiction,” but later dropped the suit.
Immutable welcomed the shift toward clearer regulation. In its announcement, the company stated, “Constructive regulation provides certainty for builders, and helps foster the innovative potential of blockchain technology.”
The SEC declined to comment specifically on the Immutable case. The agency typically does not comment on “the existence or nonexistence of a possible investigation.”
