The U.S. Securities and Exchange Commission (SEC) dropped its investigation into Web3 gaming firm Immutable on Tuesday, declining to pursue charges related to its 2021 IMX token sales. This development mirrors a sequence of regulatory about-faces, specifically reflecting enforcement efforts launched under the Biden administration.

SEC Retreats From Crypto Enforcement With Immutable Case Closure

The SEC launched the probe in November 2024, issuing a Wells notice to Immutable over concerns that its IMX token sales violated securities laws. The agency’s latest decision to close the case aligns with a broader shift in regulatory strategy under Acting Chair Mark Uyeda, who has overseen the closure of multiple crypto-related investigations, including those involving Kraken, Gemini, Coinbase, Robinhood, Opensea, and others.

Immutable, an Australian company specializing in blockchain-based gaming and NFTs, argued its IMX token did not qualify as a security, criticizing the SEC’s previous “regulation by enforcement” approach as stifling innovation. This was an ongoing trend under Biden’s SEC during his presidency. The resolution allows the firm to refocus on scaling its platform, which supports zero-fee NFT transactions for gamers.

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