- The SEC has dropped its investigation into Immutable, clearing the company of any enforcement action.
- This marks another case in a growing list of crypto probes closed since President Trump took office.
- Not all firms are off the hook, as Unicoin and Crypto.com still face unresolved regulatory scrutiny.
Big win for Web3 gaming this week—Immutable, the Aussie-based gaming platform, just announced that the SEC has dropped its investigation and won’t be filing any enforcement charges. The news landed Tuesday, and yeah, it’s a pretty big sigh of relief for both the company and the broader crypto space.
Back in November, Immutable had received a Wells notice, which is basically the SEC’s version of “we’re probably about to sue you.” At the time, the company figured it had something to do with the listing and private sales of its IMX token back in 2021. But now? The SEC’s walking it back.
“We’re pleased the SEC has concluded its inquiry,” said Robbie Ferguson, Immutable’s co-founder and president. “It’s a big milestone for crypto, especially in gaming, as we keep moving toward a future where things are finally becoming clearer regulation-wise.”
He added that they’re “thrilled” about where things are heading in the U.S., and with more clarity, the company’s planning to double down on bringing digital ownership to the world’s 3.1 billion gamers. Ambitious? Yeah. But they seem serious about it.
SEC Backs Off… Again
While the SEC didn’t offer a direct comment (they rarely do), this isn’t a one-off. It’s part of a much broader shift. Since President Trump stepped into office, the SEC has been pulling back—a lot. Investigations into Gemini, Robinhood, OpenSea, Yuga Labs, and now Immutable have all been shut down without charges.
Ongoing cases against Kraken, Coinbase, Ripple, ConsenSys, and a few others? Also dropped. Meanwhile, litigation against Tron and Binance is now… paused. Not done, but definitely not moving forward either.
Under Acting Chair c, the agency seems to be walking away from former Chair Gary Gensler’s heavy-handed “regulation by enforcement” strategy. Instead, they’ve kicked off a series of industry roundtables, with Commissioner Hester Peirce (who’s been one of the more crypto-friendly voices at the SEC) leading the newly formed Crypto Task Force.
But Not Everyone’s Off the Hook
That said, not all Wells notices are getting tossed. Unicoin, a crypto issuer, got one last year tied to fraud, deceptive practices, and unregistered securities. As of now, they’re still in the thick of it.
A spokesperson told CoinDesk the firm’s still waiting for formal feedback and remains “fully committed to compliance and transparency,” which is kind of what everyone says in these situations, but still.
Meanwhile, Crypto.com also got hit with a Wells notice—and in true crypto fashion, they fired back by suing the SEC and then-Chair Gensler, accusing them of overstepping. That lawsuit was later dropped. Where things stand now? No one’s really sure. Crypto.com hasn’t made any public statements and didn’t respond to CoinDesk’s request for comment.
What This Means for Crypto
Long story short: the SEC is clearly changing its tone. Whether it’s pressure from the top, internal shifts, or just public pushback, something’s changed. For companies like Immutable, it means they can go back to building without the looming threat of a lawsuit. For everyone else… it’s a wait-and-see game.
But one thing’s for sure—regulatory clarity finally feels like it might actually be happening.
