SEC ends investigation into Immutable, signaling regulatory shift for blockchain games

Source: Blockchain Knights

On March 25, Australian Web3 gaming company Immutable announced that the U.S. Securities and Exchange Commission (SEC) had officially ended its investigation into it.

Immutable, known for its Ethereum-based gaming infrastructure and native token IMX, revealed that it received a Wells notice from the SEC in November 2024, indicating that the agency was considering enforcement action.

Immutable believes that the investigation is related to the listing and early sales of its tokens, which date back to 2021. With the investigation now dropped and no charges filed, Immutable calls the decision a step forward in clearer regulation in the blockchain gaming space.

Immutable, which aims to bring blockchain-based ownership to the global gaming market, said it plans to accelerate its expansion now that regulatory uncertainty has been resolved.

A series of investigations closed

The closure of the case adds to a growing list of enforcement actions that have been dismissed or suspended during the tenure of acting SEC Chairman Mark Uyeda.

Since taking over in January, Uyeda has overseen the dismissal of several high-profile investigations as the agency moves away from the aggressive enforcement tactics employed during Gary Gensler's tenure.

Investigations into other major Crypto companies, including Gemini, Robinhood, OpenSea and Yuga Labs, have also been closed in recent weeks. Meanwhile, legal actions involving companies such as Coinbase, Ripple and Kraken have been dismissed or suspended.

The SEC also formed a new Crypto Task Force, led by Commissioner Hester Peirce, who has long advocated for clearer Crypto guidance.

This move is part of a broader effort to work with industry stakeholders to develop formal rules rather than using enforcement as the primary tool.

Task Force

Since its inception in January, the Crypto Task Force has taken a more collaborative and transparent approach to the regulation of crypto assets.

The Task Force hosted a series of public roundtables to discuss core issues such as digital asset classification, crypto asset trading platforms, custody solutions, tokenization, and decentralized finance.

It also actively solicited public comments from industry stakeholders, including a formal submission from Ripple advocating for clear, predictable standards for determining whether a digital asset is a security.

The working group’s efforts mark a broader regulatory shift toward structured rules designed to provide regulatory clarity while supporting innovation in the digital asset space.

The SEC’s shift in position comes amid a broader reassessment of crypto regulation in Washington, driven in part by policy shifts under the Trump administration.