- The SEC has officially ended its probe into Immutable without levying any charges against the firm, its charity, or its CEO.
- Immutable continued to grow throughout the legal proceedings, rolling out new initiatives and adding more than a million new users, while its token IMX went up by 6% on news of the announcement.
- The SEC has also closed probes into other cryptocurrency companies such as OpenSea, Uniswap, and Robinhood, marking a change in its regulatory strategy.
The U.S. Securities and Exchange Commission has concluded its investigation into Australian crypto-gaming firm Immutable.
The firm confirmed on 26th March that the regulator will not pursue any action against Immutable, its ecosystem foundation, or its CEO. The case is now closed, dispelling any legal uncertainty.
Immutable’s Growth Despite Legal Challenges
Immutable first reported in October that it received a Wells notice from the SEC, which means the agency was considering bringing charges against it under U.S. securities laws.
Having the probe closed, Immutable believes this result validates its commitment to regulatory and legal compliance. The company appreciated the decision, referring to it as a positive development for the web3 gaming space.
In this time, Immutable kept expanding, signing more gaming partnerships and unveiling new projects. It launched Immutable Play and witnessed over a million new users signing up to its Passport system. Immutable’s native token, IMX, went up by 6% in the past 24 hours following the announcement of the SEC’s ruling.
Shifting Regulatory Landscape for Crypto
The SEC’s latest move is all part of a broader change in how it’s regulating crypto. In recent months, the agency has also ended inquiries into several crypto companies, such as OpenSea, Uniswap, Robinhood, and Gemini.
In an attempt to offer more explicit guidance for digital assets, it has established a specialized crypto task force that will be headed by Commissioner Hester Peirce.
Ripple is similarly on the cusp of wrapping up its extended legal dispute with the SEC. On March 20, sources revealed that the SEC had withdrawn its appeal of Ripple on unconditional terms.
On March 26, Ripple’s in-house legal officer declared that the company would not lodge a counter-appeal, getting the lower penalty from $125 million to $50 million. These recent steps suggest a new regulatory attitude toward the crypto market.
Also Read: What’s Driving the Crypto Market Up Today ?
