Key Insights
- The U.S. Securities and Exchange Commission (SEC) is terminating its investigation into Immutable, the Australian-based Web3 gaming firm, as announced by the company on Tuesday.
- In recent weeks, the SEC has closed several ongoing investigations.
Context: The SEC notified Immutable of a Wells notice last November, indicating potential enforcement action tied to its IMX token listings and private sales back in 2021.
“We are pleased the SEC has concluded its inquiry,” said Robbie Ferguson, Immutable’s co-founder and president. “This marks a significant milestone for the crypto industry and gaming as we advance towards a future with regulatory clarity.”
Ferguson expressed enthusiasm for the emerging regulatory clarity from the U.S. government, emphasizing that it would enable them to enhance their plans for integrating digital ownership among the global gaming community, currently estimated at 3.1 billion players.
The SEC did not provide any comments on its ongoing strategy but has indicated a shift under the current leadership aiming for a more favorable regulatory environment for the crypto industry.
Conclusion
The conclusion of this investigation is part of a broader trend where the SEC is scaling back on investigations initiated under former Chair Gary Gensler, which is perceived as a move towards a more collaborative regulatory relationship with industry stakeholders.
