Immutable Commits $1.5M in $IMX Grants for GAM3 Awards Amid SEC Wells Notice Over 2021 Token Sale

Oct 31, 2024, 09:02 PM

Immutable, an Ethereum-based gaming firm, has announced a commitment of up to 1.5 million $IMX token grants to finalists and winners of the GAM3 Awards who join its ecosystem. This announcement comes amid regulatory scrutiny, as Immutable revealed it received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The notice indicates that the SEC is considering enforcement action related to a 2021 sale of the $IMX token. Immutable criticized the SEC's approach, describing it as a form of regulation by enforcement, and stated that the timing of the notice appeared accelerated to coincide with the upcoming election. The firm expressed its readiness to defend digital ownership in gaming and join other companies advocating for crypto rights.