Source: Blockchain Knight

On March 25, Australian Web3 gaming company Immutable announced that the U.S. Securities and Exchange Commission (SEC) has officially concluded its investigation.

Immutable is known for its Ethereum-based gaming infrastructure and native token IMX, the company revealed that it received a Wells notice from the SEC in November 2024, indicating that the agency is considering enforcement actions.

Immutable believes that the investigation is related to the listing and early sales of its tokens, which can be traced back to 2021. With the investigation now revoked and no charges were filed, Immutable said the decision was an advancement in clearer regulation in the blockchain gaming space.

Immutable aims to introduce blockchain-based ownership into the global gaming market, and the company said that regulatory uncertainty has now been eliminated and it plans to accelerate its expansion.

The end of the case makes the list of law enforcement actions that will be revoked or suspended during the term of SEC Acting Chairman Mark Uyeda.

Uyeda has supervised the revocation of several high-profile investigations since taking over in January, and the agency is moving away from the radical law enforcement tactics employed during Gary Gensler's tenure.

In recent weeks, the investigation into other major Crypto companies, including Gemini, Robinhood, OpenSea and Yuga Labs, has also ended. Meanwhile, legal proceedings involving companies such as Coinbase, Ripple and Kraken have been dismissed or suspended.

SEC also set up a new Crypto working group led by Commissioner Hester Peirce, who has long advocated for the development of clearer Crypto guidelines.

This move is part of a broader effort to work with industry stakeholders to develop formal rules rather than using law enforcement as a primary tool.

Since its establishment in January, the Crypto Task Force has taken a more cooperative and transparent approach to Crypto asset supervision.

The working group held a series of open roundtables to discuss core issues such as digital asset classification, Crypto asset trading platform, custody solutions, tokenization and decentralized finance.

It also actively solicits public comment from industry stakeholders, including a formal submission from Ripple, advocating the development of clear and predictable standards to determine whether digital assets belong to securities.

The workgroup’s efforts mark a broader shift in regulation towards structured rules, aiming to provide regulatory clarity while supporting innovation in the digital asset space.

The change in SEC's position comes as Washington's CryptoThe wider reassessment of regulation comes as part of this is driven by Trump’s shift.