SEC Ends Investigation into Immutable, Signaling Change in Blockchain Gaming Rules
SEC Closes Investigation into Immutable, Marking Change in Crypto Regulation
On March 25, 2025, the U.S. Securities and Exchange Commission (SEC) officially ended its investigation into Immutable, an Australian web3 gaming company. Immutable is known for its Ethereum-based gaming platform and its IMX token.
The company revealed that it had received a Wells notice from the SEC in November 2024. This notice usually means the SEC was considering legal action. The investigation was likely about the company’s token listing and early sales from 2021. With the investigation now over and no charges filed, Immutable said this is a positive step for clearer regulations in blockchain gaming.
Immutable, which focuses on bringing blockchain ownership to gaming, plans to grow faster now that the regulatory uncertainty is gone.
A Shift in SEC's Approach
The closure of this case adds to a trend of the SEC pulling back on several investigations since Mark Uyeda became the acting chair in January. Under Uyeda’s leadership, the SEC has ended several major probes that were started during the tenure of Gary Gensler, who used a stricter enforcement approach.
Recently, the SEC also closed investigations into other big crypto companies like Gemini, Robinhood, OpenSea, and Yuga Labs. Legal actions against companies like Coinbase, Ripple, and Kraken have also been paused or dismissed.
The SEC has created a new Crypto Task Force, led by Commissioner Hester Peirce, who has long supported clearer crypto regulations. This task force aims to work with the crypto industry to create formal rules rather than just relying on enforcement.
A New Approach to Crypto Regulation
Since launching in January, the Crypto Task Force has taken a more open approach to crypto regulation. It has held public meetings to discuss important topics like digital asset classification, crypto trading platforms, and decentralized finance. The task force is also gathering feedback from the industry, including a suggestion from Ripple for clearer rules on what makes a digital asset a security.
This shift in the SEC’s approach signals a move toward creating clear rules that help both protect consumers and support innovation in the crypto space.
