SEC Drops Investigation Into Immutable Amid Regulatory Shift in Crypto Landscape

The U.S. Securities and Exchange Commission (SEC) has dropped its investigation into Web3 gaming platform Immutable, the company announced Tuesday. This decision follows a Wells notice sent to Immutable in November, signaling potential enforcement over its 2021 listing and private sale of its native IMX token.

“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 also expressed excitement about accelerating digital ownership for over 3 billion global gamers under a clearer U.S. regulatory framework.

The SEC declined to comment, adhering to its standard policy on investigations.

Immutable joins a growing list of crypto firms seeing their SEC probes dropped in recent months, signaling a notable shift in the agency's stance under Acting Chair Mark Uyeda. Other companies no longer facing enforcement include Gemini, Robinhood, OpenSea, Yuga Labs, and Crypto.com. Major litigations involving Coinbase, Ripple, ConsenSys, Kraken, and Cumberland DRW have also been dismissed or paused. This change comes amid a broader rollback of former Chair Gary Gensler’s aggressive “regulation by enforcement” approach.

The SEC’s revamped strategy includes a new Crypto Task Force, led by crypto-supportive Commissioner Hester Peirce, and roundtable discussions with industry leaders aimed at shaping fair and transparent regulations.

However, some firms remain under scrutiny. Unicoin, which received a Wells notice for alleged fraud and unregistered securities, is still in the review process. Meanwhile, Crypto.com, which previously sued the SEC over jurisdictional overreach, has not commented on its case’s status.

As regulatory tides shift, the crypto industry may finally be entering an era of clearer guidelines and reduced enforcement risks.