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SEC Terminates Investigation into Immutable, No Violations Found
The U.S. Securities and Exchange Commission (SEC) has officially terminated its investigation into Web3 gaming platform Immutable, announcing no violations were found during the inquiry. The sudden drop in the SEC’s inquiry sparked a 15% surge in IMX token price, with the company reaching its highest level since March 3.
Immutable, an Australian-based firm, revealed that the SEC had concluded its inquiry without discovering any wrongdoing. The development marks a significant shift in the regulatory landscape under new leadership, as Acting Chair Mark Uyeda’s approach differs from his predecessor Gary Gensler’s stance on cryptocurrency regulation.
The agency has dropped numerous investigations in recent weeks, including those against crypto exchange Gemini, trading platform Robinhood, NFT marketplace OpenSea, and other major entities. Under the previous chairperson, the SEC had taken a more aggressive stance towards cryptocurrency companies, declaring most cryptocurrencies as securities and demanding registration with the agency. Gensler also initiated cases against several entities in the crypto space.
However, since President Trump took office and Gensler’s exit in January, the SEC has made significant changes to its approach to crypto regulation. The agency has established a Crypto Task Force led by Commissioner Hester Pierce, known for her pro-crypto stance. This shift is further emphasized through a series of roundtable discussions with industry players.
Immutable welcomed the U.S. government’s revised strategy, stating that “constructive regulation provides certainty for builders and helps foster the innovative potential of blockchain technology.”
Source: https://blockonomi.com/sec-terminates-investigation-into-immutable-no-violations-found/
