The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Immutable without taking any enforcement action, marking a significant moment for the Web3 gaming industry.
In a statement released on March 26, Immutable confirmed that the SEC had decided against pursuing charges against the company, its IMX Ecosystem Foundation, or its CEO, effectively bringing the matter to a close.
This decision comes months after Immutable first disclosed in October that it had received a Wells Notice from the SEC, indicating that the agency was considering potential securities law violations. With the investigation concluded Immutable stated that the outcome reaffirms its longstanding commitment to legal and regulatory compliance.
Welcoming the SEC’s decision, the company described it as a step in the right direction for the Web3 gaming sector. Immutable emphasized that despite the regulatory scrutiny, it remained focused on its mission, developing products and expanding its gaming ecosystem. Over the past year, it has set a new record for game partnerships, introduced Immutable Play, and surpassed one million new sign-ups for its Passport system.
At the time of publication, IMX had retraced to $0.67, according to CoinMarketCap. A move back toward $0.70 would liquidate approximately $449,500 in short positions, based on data from CoinGlass.
The SEC’s decision reflects a broader shift in its approach to crypto enforcement. Since the beginning of the year, the agency has dropped investigations into several cryptocurrency companies, including OpenSea and Gemini.
Immutable co-founder Robbie Ferguson described the SEC’s ruling as a crucial milestone for Web3 gaming, noting that the investigation had posed a challenge to digital ownership rights.
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
Despite the regulatory pressure, the company continued to grow, launching zkEVM—now the 11th most popular blockchain globally—expanding Passport sign-ups to over 4.9 million and securing partnerships with three multi-billion-dollar companies. Additionally, the number of onboarded games on Immutable’s platform doubled to more than 500, underscoring its resilience and commitment to advancing the Web3 gaming ecosystem.
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