SEC’s new administration is bringing crypto-friendly stances in the US. Immutable, the renowned Web3 gaming platform, marks the latest firm in a list of closed investigations and settled litigations as the agency continues its full-scale retreat from the former Chair’s regulation-by-enforcement approach. Upon receiving a clean sheet, the company is accelerating its plan to bring digital ownership to 1.3 billion gamers in the world.
SEC Drops Investigation On Immutable
Immutable, a popular Web3 gaming firm, announced that the Securities and Exchange Commission (SEC) has concluded its investigation into the company and associated parties. This closes the Wells notice Immutable received last year, in which the SEC alleged the company for security violations related to its IMX token.
SEC began its investigation on Immutable following its IMX token sales in 2001, in which it raised at least $12.5 million. The SEC questioned about the backing of the token, specifically highlighting the pre-launch investment from Houbi Ventures. The company criticized the SEC’s action and considered it an overreach.
SEC’s Investigation Drop Highlights the Changed Crypto Wind in the US
SEC’s decision to end its investigation on Immutable is a part of its full-scale retreat from Gary Gensler’s, the former SEC Chair, strict regulations on the crypto industry. With the new administration, under the acting chairman, Mark T Uyeda, a crypto pioneer, the regulatory standards on crypto are turning more friendly to the US citizens. The setting up of a Crypto Task Force, headed by a crypto enthusiast, Hester Pierce, and its roundtable discussions with industry leaders all signal a change wave in the US crypto industry.
The Investigation Drops Signals a Win for Web3 Gaming?
In its statement announcing the investigation drop, Immutable co-founder and President, Robbie Ferguson, has said that the enquiry drop marks a significant milestone in the crypto industry and web3 gaming as it brings regulatory clarity, helping in future advancements.
Gaining regulatory clarity, Immutable is continuing to build towards the vision of bringing digital ownership to 1.3 billion gamers across the globe.
For a company like Immutable, which already has gained more than $12 billion of venture capital funding since 2020, the regulatory scrutiny was a barrier to entering the market. And now, with things settled, it can unlock its investment in Web3 gaming. It brings the opportunity to tokenize the $100 billion market for in-game purchases. In addition, it will open a gateway for gamers to gain digital ownership for their in-game assets, enabling them to sell, transfer, or trade them across platforms and marketplaces.
The President has also revealed that with the Wells notice lifted, Immutable can continue their developments to make web3 games accessible to a wide range of people with the best gaming wallet and chain in the market.
Immutable is One Among the Many
Immutable is not the only crypto firm to receive a green signal, there is a wide list of companies SEC dropped its investigation. Within the short three-month span since Donald Trump took office as the American President, the SEC under the new head has dropped investigations on crypto exchange Gemini, NFT Marketplace OpenSea, NFT company Yuga Labs, trading platform Robinhood, and blockchain software company Consensys.
Also Read : SEC Ends Investigation Into Gemini Exchange: A New Era For Crypto Regulation
In addition, many firms are waiting for the inquiry drop. Crypto issuer Unicorn, earlier alleged for violations related to fraud, sale of unregistered securities, and dishonest practices, is now waiting for a case drop, which is in the final stage of the SEC review process. The company is executing a similar investigation drop as they believe they are fully committed to compliance and clarity.
Immutable’s Trajectory of Growth
Immutable was created in 2018 by Robbie Ferguson, even before Web3 gaming became a craze among gaming enthusiasts. Providing more than 500 blockchain games on its platform, Immutable has started the legacy of web3 games. The company has experimented with how web3 game transactions could be made in a low-cost, fast, and secure way.
Raising $300 million from global investors like Galaxy Digital, Temasek, Tencent, Bitkraft, and King River Capital, poised the company to create a platform that is secure and comfortable for players to play web3 games.
Integrating the zkEVM solution through zero-knowledge proof, Immutable has made it easy for developers and game studios to create and deploy games on Ethereum without compromising player experience.
With the investigation drop, Immutable can fully capitalize on the incredible opportunity opened in front of it and make web3 games more accessible to users like never before.
Final Thoughts
SEC’s changed approach comes with the changed US administration, under the Donald Trump government, who is a crypto aspirant and even a meme coin founder, crypto is taking a forward step in the US, with more friendly regulations and practices. The investigation conclusion on Immutable allows the platform to expand, which was restricted by the regulatory clarity surrounding the investigation. Now, Immutable can capitalize on the abundant gaming market and offer its services to a wide range of gamers.