The US Securities and Exchange Commission (SEC) has officially closed its investigation into Australian blockchain gaming company Immutable.
The company announced the news on 25 March 2025, marking a significant step for the Web3 gaming sector.
Immutable is known for its Ethereum-based gaming platform and its native cryptocurrency, $IMX. The firm revealed that it had received a Wells notice from the SEC in November 2024.
This notice indicated that the regulator was considering legal action, likely over how the company’s $IMX token was initially sold and listed.
Now, with the investigation closed and no charges filed, Immutable sees this as a positive development for the gaming industry. The company says it is now free to focus on expanding its platform without regulatory uncertainty.
“We are pleased the SEC has concluded its inquiry. This marks a significant milestone for the crypto industry and gaming as we advance towards a future with regulatory clarity,” said the President of Immutable, Robbie Ferguson.
The SEC’s decision comes as part of a broader shift in how it regulates cryptocurrency. Since Mark Uyeda took over as acting chairman in January 2025, the agency has been moving away from aggressive enforcement actions.
Other major crypto companies, including Gemini, Robinhood, OpenSea, and Yuga Labs, have also seen investigations against them dropped. On the other hand, lawsuits against Coinbase, Ripple, and Kraken have been paused or dismissed.
How the market reacted to the news?
The news of the SEC’s decision led to a sharp increase in the value of Immutable’s $IMX token.
According to CoinMarketCap, $IMX’s price jumped by 10% to reach $0.675 following the announcement. Its 24-hour trading volume surged by 152%, reaching over $108 million. At one point, the token’s price touched $0.70, reflecting a wave of positive sentiment in the market.
This is in sharp contrast to November 2024, when Immutable first received the SEC’s Wells notice. At that time, the token’s price dropped by 13%, as investors feared potential legal consequences.
Even though $IMX showed strong growth following the SEC’s announcement, the token’s long-term performance remains volatile. Over the past 60 days, it has recorded a 41.16% decline.
Analysts believe that while this SEC ruling boosts short-term confidence, $IMX’s price movement will depend on how well Immutable can grow its platform.
A report from Coincu Research suggests that trading volumes for $IMX are expected to rise further. This is because regulatory clarity could encourage more investors to engage with blockchain gaming projects.
Historically, clearer regulations have led to higher adoption and usage of gaming tokens like $IMX.
SEC’s changing approach to crypto regulation
The closure of the Immutable case is not an isolated event. It reflects a broader change in how the SEC is handling cryptocurrency regulations.
Since Mark Uyeda became acting chairman in January 2025, the SEC has scaled back its enforcement-focused strategy. In previous years, the regulator had often relied on legal actions to enforce rules, leading to uncertainty in the crypto sector.
Uyeda has stated that this approach needs to change. “For the last several years, the Commission’s views on crypto have been largely expressed through enforcement actions without engaging the general public. It’s time for the Commission to rectify its approach and develop crypto policy in a more transparent manner”, he said.
To improve its regulatory process, the SEC has formed a Crypto Task Force, led by Commissioner Hester Peirce. The task force aims to work directly with industry stakeholders to create clear rules, rather than relying on enforcement actions.
Since its launch in January 2025, the task force has hosted public roundtable discussions on major topics such as: digital asset classification, crypto trading platforms, custody solutions, tokenisation and decentralised finance (DeFi).
According to Commissioner Peirce, these discussions are meant to bring industry leaders together and create a more structured dialogue. “This is an opportunity to hear diverse perspectives and address regulatory challenges”, she said.
Many in the crypto sector see this as a positive step. The SEC’s previous “regulation by enforcement” approach had been heavily criticised for stifling innovation and creating uncertainty. By shifting to a more open and collaborative model, the regulator is signaling a willingness to work with the industry rather than against it.
With the SEC adopting a more flexible approach, the crypto industry could see clearer regulations in the coming months.
The Crypto Task Force has scheduled a series of roundtable discussions from April to June 2025, which will cover key topics like: crypto trading (11 April), crypto custody (25 April), tokenisation (12 May), decentralised finance (6 June).
These discussions will take place in Washington, D.C., and will also be livestreamed. The goal is to develop clearer rules that will help crypto businesses operate with more confidence.
Commissioner Peirce called this effort a “Spring Sprint Towards Crypto Clarity”, emphasising the need for open dialogue between regulators and industry leaders.
“These roundtables represent a shift in the SEC’s approach to crypto regulation, moving from enforcement-focused actions to a more collaborative and transparent process”, she stated.
The crypto community has responded positively to this new direction. Many see it as a step toward a more predictable regulatory environment, which could attract more institutional investment.
Uyeda also stressed the importance of this new approach. He noted that the agency must provide regulatory guidance rather than rely on lawsuits. This shift could lead to a more stable and innovation-friendly environment for crypto companies.
What’s next for Immutable?
With the SEC case behind it, Immutable can now focus on expanding its gaming platform. The company specialises in blockchain-based gaming and non-fungible tokens (NFTs), allowing players to own digital items securely.
The firm expressed its excitement about the case’s resolution on social media platform X, stating:
“Last year, the SEC issued Immutable a Wells Notice. That inquiry is now officially closed, with zero findings of wrongdoing, and the SEC is taking no action. This is a huge win – not just for Web3 gaming but [for] everyone who believes in digital ownership rights. Let’s build.”
Industry experts believe that the SEC’s new stance could attract more investment into areas like Web3 gaming, DeFi, and tokenisation. By providing greater regulatory clarity, the agency is encouraging long-term growth rather than short-term speculation.
However, some challenges remain. While the SEC appears to be shifting toward collaboration, it remains unclear how future regulations will be implemented. The industry will closely watch the upcoming roundtable discussions to see if they lead to real policy changes.
For now, the closure of the Immutable case marks a turning point in crypto regulation. If the SEC continues on this more open and transparent path, it could create a stronger foundation for innovation and growth in the digital asset space.
