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The US Securities and Exchange Commission (SEC) has decided to drop its investigation into gaming protocol Immutable. The platform revealed in a post on X that the market regulator will take no further action, ending its legal challenges in the United States.
Immutable and the US SEC
Based on the update shared on its X page, Immutable recalled the Wells Notice sent to it by the markets regulator in October of last year. As reported by CoinGape at the time, the markets regulator said the firm might have violated Federal Securities laws regarding its native token IMX.
While Immutable has always denied any wrongdoing, the closure of the probe justified its position. As noted on X, the SEC made zero findings of wrongdoing and is taking no further action. The gaming network called the trend a huge win beyond stakeholders in the Web3 gaming niche.
This US SEC action comes after the regulator closed all related Uniswap cases as part of its new shift.
This is a developing story, please check back for updates!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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