TLDR

• SEC officially dropped its investigation into Immutable, deciding to take no further action
• IMX ($0.61) token surged 15% following the announcement, reaching its highest price since March 3
• Immutable co-founder Robbie Ferguson called it “an enormous win for Web3 gaming”
• This is part of a larger trend of the SEC dropping crypto investigations under new leadership
• The regulatory shift follows Trump’s return to office and former SEC Chair Gary Gensler’s exit

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Web3 gaming platform Immutable, the Australian company announced on Tuesday. This decision marks the latest in a series of dropped probes as the regulatory approach to cryptocurrency continues to shift under new leadership.

Immutable revealed that the SEC had concluded its inquiry without finding any violations. This closes “the loop on the Wells notice issued by the SEC last year,” according to the company. A Wells notice is an official notification that the SEC intends to bring an enforcement action.

The market responded quickly to the news. Immutable’s native token, IMX, surged approximately 15% on March 25. The token reached just under $0.74 shortly after the announcement, its highest level since March 3.

Before this recent uptick, IMX had followed the broader crypto market downtrend. Uncertainty over U.S. President Donald Trump’s tariffs and interest rates had pushed the token down to $0.46 on March 11. At the time of publication, IMX had settled at around $0.67.

Robbie Ferguson, Immutable’s co-founder and president, celebrated the news on social media. “After a year of fighting, this threat to digital ownership rights has finally been put to rest,” Ferguson stated. He called the SEC’s decision “an enormous win for Web3 gaming.”

Ferguson added that the firm was “thrilled” at the developing regulatory clarity coming from the U.S. government. “With a clear regulatory framework, we plan to accelerate our ambitions to bring digital ownership to the 3.1 billion gamers in the world,” he said.

The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken.

This is an enormous win for web3 gaming – after a year of fighting, this threat to digital ownership rights has finally been put to rest.

We’re excited to build.

— Robbie Ferguson | Immutable (@0xferg) March 25, 2025

The gaming token sector showed positive movement following Immutable’s news. Several top gaming cryptocurrencies experienced gains over a 24-hour period. Gala rose 2.78%, The Sandbox increased 3.78%, FLOKI ($0.00) gained 1.91%, and Axie Infinity moved up 1.50%.

IMX’s all-time high remains $9.32, which it reached in November 2021 during a major rally in gaming tokens. The total market cap of gaming tokens has dropped 3.65% to $13.13 billion over the past 30 days. Trading volume has declined more sharply, falling 33.45% to $1.75 billion.

Shifting Regulatory Landscape Under New Leadership

The SEC’s decision regarding Immutable is part of a broader pattern of regulatory shifts. The agency has closed numerous investigations in recent weeks under the leadership of Acting Chair Mark Uyeda. This represents a departure from former Chair Gary Gensler’s approach to crypto regulation.

Under Gensler, the SEC had taken a more aggressive stance toward cryptocurrency companies. Gensler had maintained that most cryptocurrencies are securities and called for crypto platforms to register with the agency. He also brought cases against various entities in the crypto space.

Since President Trump took office and Gensler’s exit in January, the SEC has signaled a complete overhaul of its crypto regulation strategy. The agency has established a Crypto Task Force led by Commissioner Hester Peirce, who is known for her crypto-friendly stance. The SEC has also begun a series of roundtable discussions with industry players.

In less than three months, the SEC has dropped investigations into several major crypto entities. These include crypto exchange Gemini, trading platform Robinhood, NFT ($0.00) marketplace OpenSea, NFT company Yuga Labs, and now Immutable. None of these investigations resulted in enforcement charges.

The agency has also dropped litigation against companies including Kraken, Coinbase, ConsenSys, Ripple, and Cumberland DRW. Cases against Tron and Binance have been paused. However, not all entities that received Wells notices have been cleared. Crypto issuer Unicoin, for example, remains “in the final stages of the SEC review process,” according to a company spokesperson.

Immutable expressed support for the U.S. government’s new approach to creating clearer rules for digital assets. “Constructive regulation provides certainty for builders, and helps foster the innovative potential of blockchain technology,” the company stated on Tuesday.

The SEC declined to comment on the Immutable decision. The agency typically “does not comment on the existence or nonexistence of a possible investigation,” according to their standard response to media inquiries.

The post SEC Terminates Investigation into Immutable, No Violations Found appeared first on Blockonomi.