Immutable Games (IMX) Has Officially Dropped Its Investigations by the Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) of the USA has officially dropped the investigations into Immutable, the crypto gaming company.

The U.S. Securities and Exchange Commission (SEC) has closed its probe into crypto gaming firm Immutable (NYSE:IMM) without taking any enforcement action, co-founder Robbie Ferguson confirmed Thursday.

Ferguson said the SEC's threat to digital property rights has now been "silenced" after a year of battles.

"The SEC has now officially dropped their investigation into Immutable, without any enforcement action being taken," Ferguson wrote on X (formerly Twitter). "This is a HUGE victory for the web3 game - after a year of constant battle, this threat to digital property rights has finally been silenced. We are excited to build."

Earlier this year, Immutable disclosed in a regulatory filing that it received a Wells notice from the SEC in November ahead of the U.S. presidential election.

The complaint, which was not specific, alleged violations of securities law and misstatements by Immutable, likely related to the private sales of IMX (NYSE:IMX) in 2021.

Immutable had previously responded that the SEC continues to assert, in an “unfounded manner,” that tokens are securities.

"Despite this, we will continue to do what we do best - building products and services for gaming on blockchain," the company added at the time.

Now, Ferguson says that despite the SEC probe, Immutable has managed to rapidly expand its operations.

"In the last year, we’ve launched the zkEVM blockchain (now the 11th largest in the world), Passport (which has 4.9M members), and saw the number of crypto games increase to 500+," the co-founder noted.

He added that Immutable has also secured three "multi-billion dollar partnerships with leading companies."

With the SEC probe now closed, Ferguson says he is looking forward to "really accelerating" in the next bull market.

The SEC's closure of its probe into Immutable comes a few weeks after the regulator withdrew its appeal against a lower court ruling in the case with Ripple (NYSE:XRP).

Earlier this year, a federal judge ruled that the SEC’s assertions about the nature of the crypto token sold by Ripple were "unpersuasive."

The agency had been sued by the crypto firm in 2012 after it sold billions of dollars worth of the token to investors without proper registration.

The SEC is currently investigating several other crypto firms, including Binance and Coinbase (NASDAQ:COIN).