SEC Winds Down Another Crypto Probe, With Web3 Firm Immutable Now Off the Hook

The US SEC has dropped its investigation into Web3 gaming company Immutable, deciding not to pursue any enforcement action over its IMX token, the company said.

The Australia-based firm announced the development Wednesday, marking another win for crypto companies that had faced intense regulatory scrutiny under the agency’s previous leadership.

“Today we are happy to report that the SEC has formally decided to end its investigation into Immutable, the IMX Ecosystem Foundation, and Immutable’s CEO,” it said in a statement. “The SEC will not be taking any enforcement action. This brings the matter to a close.”

The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken.

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 | Immutable (@0xferg) March 25, 2025

Immutable celebrated the decision as “a win for all builders, creators and gamers fighting for true digital ownership in gaming.”

SEC Retreat Marks Turning Point in Crypto Oversight

Immutable, known for building blockchain-powered gaming infrastructure, revealed in November that it had received a Wells notice from the SEC.

According to the company, the SEC’s investigation focused on possible securities violations. It also looked at misleading statements linked to the 2021 launch and sale of its IMX token. However, the agency did not explicitly name the token in its communications.

The dropped probe into Immutable is part of a broader shift in the SEC’s crypto enforcement stance. Over the past several months, the agency has quietly walked back a string of high-profile cases, including actions against Coinbase, Gemini, Kraken, Robinhood, Uniswap, Yuga Labs and Consensys.

While some investigations, like those into Binance and OpenSea, have been paused rather than fully dismissed, the trend signals a significant change in tone.

SEC’s New Direction Brings Relief to Crypto Firms Like Immutable

This reversal coincides with the political transition to the second Trump administration and the resignation of former SEC Chair Gary Gensler in Jan. 2025.

Gensler had spearheaded a “regulation by enforcement” approach, using legal action to extend the agency’s reach over digital assets. His departure, along with the rise of Acting Chair Mark Uyeda and Commissioner Hester Peirce—both seen as more favorable to the crypto industry—has altered the regulatory landscape.

On Jan. 21, the SEC launched a Crypto Task Force aimed at creating clear, actionable guidelines for the digital asset sector. The move signaled a pivot toward clarity and collaboration, replacing the agency’s previous reliance on lawsuits and ambiguous regulatory boundaries.

For Immutable and others caught in the crosshairs of the SEC’s earlier crackdown, the shift brings relief and renewed momentum. But it also raises questions about how consistently and effectively crypto regulation will be enforced going forward.