Immutable declares win for Web3 gaming as SEC ends investigation

Immutable announced that the Securities and Exchange Commission has notified the company it is formally closing its inquiry into the company and related parties. There have been no findings of wrongdoing and the SEC is not taking any action. This closes the loop on the Wells notice (of an ongoing investigation with an intention to sue) issued by the SEC last year. The notification is in line with actions taken by the Trump administration to dismantle regulations set up by the Biden administration to protect the public from cryptocurrency scams and prevent another ponzi scheme on the order of the FTX debacle. The Wells notice non-specifically alleged violations of securities law and alleged misrepresentations by the company. When the Wells notice was sent last year, Immutable protested and argued it was innocent of any wrongdoing. It said the SEC inquiry was the “latest in their de facto policy of regulation-via-enforcement” that has targeted leading companies across almost every cat ... Read full article.