The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Immutable, a cryptocurrency firm based in Australia. This marks another instance of the SEC ending an inquiry into a crypto organization, reflecting the ongoing changes in regulatory policies.
In October, Immutable received a Wells notice, which is a precursor to potential charges from the SEC. The notice was related to Immutable and its CEO, and the IMX Ecosystem Foundation. However, Immutable confirmed on Tuesday that the SEC’s inquiry has been finalized.
In a public statement, the company said, “The SEC’s decision to wrap up its investigation is a victory for all the developers, creators, and gamers advocating for authentic digital ownership in gaming. This decision affirms Immutable’s consistent emphasis on legal and regulatory compliance.”
Since the return of the Trump administration to Washington D.C. and the departure of former SEC Chair Gary Gensler in January, the regulatory body has adopted a different approach. Gensler had previously argued that most cryptocurrencies should be classified as securities and urged crypto platforms to register. He had also initiated legal action against various exchanges and NFT entities.
However, since January, the SEC has discontinued multiple investigations and cases, including those against Kraken, Coinbase, Gemini, MetaMask, OpenSea, Robinhood, and UniSwap. Additionally, the SEC has formed a crypto task force under the leadership of Republican Commissioner Hester Peirce to clarify how securities laws apply to cryptocurrencies.
Immutable applauded the U.S. government’s efforts to establish clear regulatory guidelines for digital assets. The company stated on Tuesday, “Constructive regulation offers certainty for developers and encourages the innovative potential of blockchain technology.”
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