IMX rallies 16% as SEC drops investigation into Immutable
Immutable pleased with regulatory clarity
On Tuesday, the IMX token from gaming platform Immutable surged 16% to $0.74 after news broke that the U.S. Securities and Exchange Commission (SEC) had officially dropped its investigation into the Australian company.
In November last year, Immutable received a Wells notice from the SEC — a signal that the regulator was preparing to file an enforcement action. While the SEC did not specify the exact reason, Immutable believed the investigation related to the listing and private sales of its IMX token in 2021.
Since then, IMX had plunged 77% from $2, but now has a chance to recover some of its value after Immutable announced that the SEC had decided to close the case.
The SEC's move follows a statement from acting SEC Chair Mark Uyeda, who recently announced a complete review of the agency’s crypto enforcement strategy and a departure from the prior "regulation by enforcement" approach.
“We’re pleased that the SEC has concluded its investigation. This marks a significant milestone for the crypto and gaming industries as we move toward a future with clearer regulation,” said Robbie Ferguson, co-founder and president of Immutable.
Following the announcement, IMX rose to $0.74 before pulling back slightly. At the time of writing, it was trading just under $0.72.
IMX price dynamics for 24 hours. Source: CoinMarketCap
Not everyone’s in the clear yet
However, not all recipients of SEC Wells notices have seen the same outcome. According to CoinDesk, Unicoin — previously targeted by the SEC over alleged fraud, deceptive practices, and unregistered securities offerings — is still in the final stages of a review process with the regulator.
Crypto.com, another recipient of a Wells notice in 2023, filed a lawsuit against the SEC and then-Chair Gary Gensler, accusing the agency of "illegally expanding its jurisdiction." Although the suit was later dropped, both parties have remained silent on the case’s resolution.
As we wrote, the Immutable (IMX) token has dropped almost 15% in the past 24 hours to $1.15 after it was revealed that the U.S. Securities and Exchange Commission (SEC) sent a Wells notice to the token's issuer, the gaming platform Immutable.
