TLDR
- The SEC wrapped up its examination of Immutable, opting not to take any additional measures.
- Following the closure announcement, IMX token saw a 15% rise, achieving its peak value since March 3.
- Robbie Ferguson, Immutable's co-founder, hailed the decision as a significant victory for the realm of Web3 gaming.
- This event is a segment of the broader pattern where the SEC is scaling back its crypto probes under fresh guidance.
- The change in regulatory climate coincides with Trump's return to leadership and the departure of former SEC Chair Gary Gensler.
On Tuesday, the Australian company Immutable disclosed that the U.S. SEC has ended its scrutiny of the Web3 gaming platform, marking another instance in the evolving trend of the crypto sector's regulatory adjustment.
Immutable revealed The SEC's investigation wrapped without identifying any infractions, thus concluding matters related to the Wells notice issued last year. A Wells notice is a formal declaration of the SEC's intent to initiate an enforcement action.
The market promptly reacted with IMX, climbing about 15% on March 25. Shortly post-announcement, the token was just shy of $0.74, its zenith since early March.
Before this upward shift, IMX was tracking the general decline within the crypto sector. Concerns around Trump's tariffs and interest rate policies had driven the token down to $0.46 earlier in the month, with its price resting at about $0.67 at the time of reporting.
Robbie Ferguson, co-founder and president of Immutable, took to social platforms to express his relief over the news. \"After a year-long struggle, this threat to digital asset ownership has been neutralized,\" Ferguson remarked. He termed the SEC's decision a major triumph for Web3 gaming.
Ferguson also expressed the firm's excitement about the newfound regulatory transparency emerging from U.S. policies. \"With clearer regulations, we are eager to push forward our goal of revolutionizing digital possession for the 3.1 billion gamers globally,\" he stated.
Immutable’s inquiry by the SEC is now formally closed, with no further enforcement actions planned.
This marks a landmark win for Web3 gaming—after a prolonged conflict, the challenge to digital ownership rights is finally over.
We’re excited to build.
— Robbie Ferguson Immutable (@0xferg) March 25, 2025
In light of Immutable's announcement, the gaming crypto asset sector reflected a positive trend. Several leading gaming tokens recorded gains over a single-day period, including Gala with a 2.78% increase, The Sandbox at 3.78%, FLOKI by 1.91%, and Axie Infinity climbing 1.50%.
IMX's record high was $9.32, reached in November 2021 amid a booming gaming token market. The total market capitalization for gaming tokens has fallen 3.65% to $13.13 billion within the last month, with trading volumes sharply dropping 33.45% to $1.75 billion.
The Regulatory Shift Under New Leadership
The SEC's decision regarding Immutable aligns with a wider array of regulatory developments. Acting Chair Mark Uyeda's tenure has seen many inquiries closed, marking a shift from Gary Gensler's previous regulatory tactics.
Under Gensler, the SEC took a hardline stance against crypto companies. He viewed most cryptocurrencies as securities and urged platforms to register with the SEC, while pursuing legal action against numerous crypto entities.
Since Trump's presidency began and Gensler's departure in January, the SEC has indicated a comprehensive reevaluation of its crypto regulation methodology. This includes the formation of a Crypto Task Force spearheaded by Commissioner Hester Peirce, renowned for her crypto-supportive views. The agency has also initiated a series of collaborative discussions with industry stakeholders.
In a short span, the SEC has dropped its investigations into several notable crypto firms, including Gemini, Robinhood, OpenSea, Yuga Labs, and now Immutable, none yielding enforcement proceedings.
Litigations against firms such as Kraken, Coinbase, ConsenSys, Ripple, and Cumberland DRW have been retracted. Investigative processes concerning Tron and Binance are on hold. However, some entities with Wells notices remain unresolved, like Unicoin, which is reportedly in the final stages of the SEC review, according to a company representative.
Immutable showed endorsement for the U.S. administration’s improved regulatory direction for digital assets. \"Proactive regulation offers builders certainty and unleashes the innovative power of blockchain technology,\" the company stated.
The SEC opted not to provide comments on the Immutable decision, adhering to its typical stance of not discussing the existence or lack of a possible investigation as per their routine protocol.
