Yigit Taha OZTURK 
The U.S. Securities and Exchange Commission (SEC) has decided to drop its investigation into Immutable, an Australian Web3 gaming platform, and will not proceed with enforcement charges, the company announced on Tuesday.
Immutable had previously disclosed receiving a Wells notice from the SEC in November 2024, signaling a potential enforcement action related to the listing and private sales of its native IMX token in 2021. However, the regulator has now decided to close the case, marking another shift in the SEC’s evolving crypto regulation approach under Acting Chair Mark Uyeda.
Regulatory Clarity for Web3 and Gaming
Immutable’s co-founder and president, Robbie Ferguson, expressed optimism about this decision, calling it a “significant milestone” for both the crypto industry and gaming sector. He added that with growing regulatory clarity, Immutable plans to accelerate efforts to expand digital ownership for over 3.1 billion gamers worldwide.
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The SEC declined to comment on the matter, maintaining its standard stance of not confirming or denying the existence of investigations.
SEC’s Shift in Crypto Regulation
This development is part of a broader trend, as the SEC has recently dropped investigations into several major crypto companies, including:
- Crypto exchange Gemini
- Trading platform Robinhood
- NFT marketplace OpenSea
- Yuga Labs (BAYC NFT creators)
Additionally, litigation against crypto firms such as Kraken, Coinbase, Ripple, ConsenSys, and Cumberland DRW has been dropped, while cases involving Tron and Binance have been paused.
This shift aligns with President Donald Trump’s administration, which has brought a regulatory overhaul in favor of a more structured and transparent crypto framework. The SEC has established a Crypto Task Force, led by crypto-friendly Commissioner Hester Peirce, to conduct roundtable discussions with industry players.
Ongoing Crypto Investigations
Despite these dismissals, not all crypto companies are off the hook. Unicoin remains under review, facing potential fraud and unregistered securities allegations. Similarly, Crypto.com, which previously received a Wells notice and sued the SEC and former Chair Gary Gensler, has not publicly updated the status of its investigation.
These ongoing cases highlight that while the SEC’s stance on crypto is evolving, enforcement actions have not completely disappeared.
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