SEC ends probe into Immutable, signaling regulatory shift in blockchain gaming

The US Securities and Exchange Commission has formally closed its investigation into Australian web3 gaming firm Immutable, the company announced on March 25.

Immutable, known for its Ethereum-based gaming infrastructure and native IMX token, revealed that it had received a Wells notice from the SEC in November 2024 — an indication that the agency was considering enforcement action.

The company believed the inquiry was related to its token’s listing and early sales, which date back to 2021. With the investigation now dropped and no charges filed, Immutable called the decision a step forward for regulatory clarity in the blockchain gaming sector.

Immutable, which aims to bring blockchain-based ownership to the global gaming market, said it plans to accelerate its expansion now that the regulatory uncertainty has been lifted.

String of closures

The case’s closure adds to a growing list of enforcement efforts withdrawn or halted under the SEC’s acting chair, Mark Uyeda.

Since taking the helm in January, Uyeda has overseen the dissolution of several high-profile probes as the agency distances itself from the aggressive enforcement strategy employed during Gary Gensler’s tenure.

In recent weeks, investigations into other major crypto companies — including Gemini, Robinhood, OpenSea, and Yuga Labs — have also been closed. Meanwhile, legal actions involving firms such as Coinbase, Ripple, and Kraken have been dismissed or paused.

The SEC has also established a new Crypto Task Force led by Commissioner Hester Peirce, a longtime advocate for clearer crypto guidelines.

The initiative is part of a broader effort to engage with industry stakeholders and craft formal rulemaking rather than relying on enforcement as a primary tool.

Task force

Since its launch in January, the Crypto Task Force has taken a more collaborative and transparent approach to crypto regulation.

The task force has hosted a series of public roundtables addressing core issues such as digital asset classification, crypto trading platforms, custody solutions, tokenization, and decentralized finance.

It has also actively sought public input from industry stakeholders, including a formal submission from Ripple advocating for clear, predictable criteria to determine whether a digital asset qualifies as a security.

The task force’s efforts signal a broader shift toward structured rulemaking aimed at providing regulatory clarity while supporting innovation in the digital asset space.

The SEC’s evolving posture comes amid a wider re-evaluation of crypto oversight in Washington, fueled in part by policy shifts under the Trump administration.

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