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Immutable receives a major victory as the SEC decides not to pursue any enforcement action following the issuance of a Wells notice.
In a significant development, the U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Immutable without filing charges or taking any enforcement action. This outcome is being hailed as a win for “digital ownership” and Web3 gaming, with Immutable calling the result “a huge victory – not just for web3 gaming, but everyone who believes in digital ownership rights.”
The investigation was triggered by a Wells notice issued to Immutable last October, which suggested that the SEC was considering recommending charges related to securities violations. However, it appears that the new administration has failed to follow up on this, with no enforcement action taken.
Immutable had previously confirmed receipt of the Wells notice and stated its commitment to maintaining compliance in all its operations. The company’s statement welcoming the outcome emphasizes the importance of digital ownership rights and highlights the need for clear regulations to ensure the growth and development of the Web3 industry.
The outcome has been welcomed across the crypto, Web3, and gaming sectors, with many viewing it as a significant victory for the Web3 community.
Source: https://fullycrypto.com/immutable-wells-notice-will-not-be-followed-by-court-action?utm_source=rss&utm_medium=rss&utm_campaign=immutable-wells-notice-will-not-be-followed-by-court-action
