IMX Rises 15% as SEC Drops Investigation Into Immutable

The previous Wells Notice, which the company received in November last year, sparked widespread discussion within the cryptocurrency community. However, the SEC decided to take no action against Immutable, leading to a positive market reaction.

As a result, the price of IMX, the native token of Immutable (traded on WhiteBIT), surged by approximately 15% within an hour. However, it later saw a correction. At the time of writing, the 24-hour increase of IMX is over 8%, with the price stabilizing above $0.67.

Furthermore, Immutable representatives note that the new regulatory environment is fostering innovation in blockchain technology and gaming.

Details of the SEC Investigation

The SEC expanded its investigation beyond the Immutable project itself to include the IMX Ecosystem Foundation and its CEO. According to official statements from the company, the commission found no grounds for further penalties regarding potential violations of U.S. securities laws related to the 2021 token sale and the IMX listing.

Furthermore, Immutable emphasized that the conclusion of the investigation reaffirms their commitment to strict regulatory compliance and helps build trust among developers, creators, and gamers.

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, co-founder of Immutable, wrote on X.

Regulatory Context and Impact

Recently, the SEC has shown a shift in its approach to the cryptocurrency sector. After leadership changes within the agency and the creation of a dedicated digital assets task force, the agency has closed many investigations. This trend is also reflected in cases against other market participants.

Moreover, Immutable representatives point out that clear regulation creates a favorable environment for innovation and additional investments. The company believes that transparent regulatory conditions not only attract new projects but also expand opportunities for existing participants in the cryptocurrency space.

The news of the investigation’s conclusion was a significant event for the entire cryptocurrency community. Despite the complex regulatory process, Immutable continues its efforts in blockchain and gaming technology development, setting an example for other players in the market.

You might also like: Arbitrum DAO Weighs Clawback of Funds from $225M Gaming Catalyst Program