SEC Ends Investigation Into Immutable Without Charges

In Brief:

The SEC closed its probe into Immutable and IMX token sales with no enforcement action.

The decision marks a win for Web3 gaming and signals a broader shift in crypto policy under the Trump administration.

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Ethereum-based Web3 gaming firm Immutable has emerged from a five-month SEC investigation without facing any charges. On Tuesday, the company revealed that the U.S. Securities and Exchange Commission had formally dropped its probe into potential securities violations related to the IMX token, originally triggered by a Wells Notice in October 2024.

The investigation had centered around IMX token sales in 2021, during which Immutable raised at least $12.5 million, and questioned whether the token constituted a security—particularly in light of early backing from Huobi Ventures.

Immutable and CEO James Ferguson consistently denied the claims, calling the SEC’s scrutiny an “overreach.” In a celebratory statement, the company labeled the closure “a win for Web3 gaming” and a moment for anyone who supports digital ownership rights.

The move is part of a larger trend under the current U.S. administration. The Trump-led SEC has shifted away from the “regulation by enforcement” strategy, replacing it with a crypto task force chaired by Hester Peirce, also known as “Crypto Mom.”

The IMX token had previously been at the center of controversy after GameStop dumped around $47 million worth of the tokens in 2022, ending its partnership with Immutable after a failed NFT marketplace rollout. Questions remain about the ETH earned through that partnership, with no official disclosure on where those funds ultimately went.

As of this week, GameStop has shifted its stance and added Bitcoin to its investment policy, potentially signaling a renewed embrace of digital assets.

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