SEC Drops Immutable Investigation, IMX Token Surges 15%

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Immutable, a Web3 gaming platform, without finding any violations. This decision, announced by Immutable on Tuesday, marks the end of a year-long inquiry that began with a Wells notice issued by the SEC. A Wells notice is an official notification that the SEC intends to bring an enforcement action.

Immutable's native token, IMX, responded positively to the news, surging approximately 15% on March 25. The token reached just under $0.74 shortly after the announcement, its highest level since March 3. This uptick comes after a period of decline for IMX, which had followed the broader crypto market downtrend due to uncertainty over U.S. President Donald Trump’s tariffs and interest rates.

Robbie Ferguson, Immutable’s co-founder and president, celebrated the news on social media, calling it “an enormous win for Web3 gaming.” He expressed relief that the threat to digital ownership rights had been put to rest and stated that the firm was “thrilled” at the developing regulatory clarity coming from the U.S. government. Ferguson also mentioned that with a clear regulatory framework, Immutable plans to accelerate its ambitions to bring digital ownership to gamers worldwide.

The SEC’s decision to drop its investigation into Immutable is part of a broader pattern of regulatory shifts under new leadership. The agency has closed numerous investigations in recent weeks under the leadership of Acting Chair Mark Uyeda. This represents a departure from former Chair Gary Gensler’s approach to crypto regulation, which was more aggressive and saw most cryptocurrencies as securities.

Under the new leadership, the SEC has established a Crypto Task Force led by Commissioner Hester Peirce, known for her crypto-friendly stance. The agency has also begun a series of roundtable discussions with industry players. In less than three months, the SEC has dropped investigations into several major crypto entities, including crypto exchange Gemini, trading platform Robinhood, NFT marketplace OpenSea, NFT company Yuga Labs, and now Immutable. None of these investigations resulted in enforcement charges.

The SEC has also dropped litigation against companies including Kraken, Coinbase, ConsenSys, Ripple, and Cumberland DRW. Cases against Tron and Binance have been paused. However, not all entities that received Wells notices have been cleared. Crypto issuer Unicoin, for example, remains “in the final stages of the SEC review process.”

Immutable expressed support for the U.S. government’s new approach to creating clearer rules for digital assets. The company stated that constructive regulation provides certainty for builders and helps foster the innovative potential of blockchain technology. The SEC declined to comment on the Immutable decision, stating that they typically “do not comment on the existence or nonexistence of a possible investigation.”