Ethereum Gaming Platform Immutable Receives SEC Wells Notice Over 2021 IMX Token Sales

Oct 31, 2024, 09:49 PM

Immutable, an Ethereum-based gaming platform, announced that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating a potential enforcement action over alleged securities law violations related to its 2021 IMX token listings and private sales. The company stated that it received the notice within hours of its first conversation with the SEC, suggesting that the timeline was accelerated ahead of an election. Immutable plans to contest the SEC's allegations, asserting that the IMX token is not a security and expressing its readiness to "defend digital ownership in gaming." The company criticized the SEC's approach as "regulation by enforcement," which it believes could have significant implications for the blockchain gaming industry.