Immutable (IMX) cryptocurrency is up by 15% today after the SEC closed its investigation

Immutable native cryptocurrency IMX is up by 15% today after it announced that the U.S. Securities and Exchange Commission (SEC) has closed the investigation

Immutable (IMX) price surged by 15% today after the U.S. Securities and Exchange Commission (SEC) closed its investigation into the company and would no longer pursue any legal action, as reported by a local media outlet.

Key Points:

* Immutable (IMX) price jumped 15% today to reach $0.737.

* The SEC has closed its investigation into Immutable and will not take any further legal action.

* The news comes ahead of the U.S. Presidential elections in November 2024.

The native cryptocurrency of the immutable NFT platform rose quickly to reach $0.737 by 01:00 GMT, pushing its market cap to $1.37 billion and daily trading volume to over $120 million.

This strong bullish momentum follows a previous report by a French-Canadian media outlet, which stated that the SEC had begun an inquiry into Immutable earlier this year.

The probe was initiated after the company announced plans to launch its own token in the U.S. and applied for approval from the relevant authorities.

However, this investigation has now been closed by the SEC, which will not be pursuing any legal action against the company, according to a report by Benzinga.

This development comes ahead of the upcoming U.S. Presidential elections in November 2024, where a change in administration could bring about a shift in regulatory priorities.

Earlier this year, Immutable secured a Wells Notice from the SEC, indicating that the regulator was considering pursuing legal action against the company over potential violations of securities laws.

This notice followed an open letter from the SEC to Trump in January, urging him to take a broad approach towards regulating cryptocurrencies.

The letter also highlighted the urgent need for bipartisan legislation to regulate the industry.

At the time, the SEC chairman, Gary Gensler, expressed concern over the involvement of unaccredited investors in private offerings of digital assets, which he believed could be problematic.

However, Gensler emphasized the importance of registering these offerings or creating a new category of tokens that would be exempt from registration.

In response to the SEC's letter, Trump stated that he was aware of the issues and would be handling them.

He also mentioned being in the process of appointing a new chair for the SEC.

"We are incredibly grateful to have this threat to digital ownership rights finally come to an end," said Immutable co-founder Robbie Ferguson.

"The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken."

Ferguson further noted the transformative potential of Web3 for the global gaming community, highlighting its ability to address digital ownership challenges.

"There are 3.5 billion gamers in the world, and Web3 solves the problem of digital ownership for them, with real utility and product-market fit," he added.

He believes that recent progress will pave the way for onboarding gamers to blockchain-based ecosystems, but it is still in the early stages.

"We're excited to now truly accelerate the integration of Immutable's products and technology with existing and upcoming game titles to create Web3 experiences that gamers will love."

Despite facing a Wells Notice and the threat of litigation, Immutable achieved significant milestones over the past year, including:

* Launching Immutable X, a leading Layer-2 scaling solution for the Ethereum blockchain, specifically designed for gaming and metaverse applications.

* Developing Immutable Apex, a new blockchain optimized for Web3 games, focused on low transaction fees and high throughput.

* Securing partnerships with renowned game developers such as Bandai Namco, CCIV, and Chartreuse pour le Campagne.

* Commencing the public offering of Immutable's IMX tokens, aiming to raise up to $500 million.

"We're entering a pivotal phase in the evolution of gaming and Web3, and Immutable is at the forefront of this revolution," Ferguson concluded.

As of press time, IMX has retraced slightly to $0.67, but a rise back to $0.70 could trigger the liquidation of roughly $449,500 in short positions, according to CoinGlass data.

This would bring the total liquidated positions to approximately $3.06 million over the past 24 hours.

On the other hand, an increase in price to $0.80 would liquidate about $1.08 million in short positions.

Moreover, at the beginning of the year, Trump had expressed concern over the involvement of unaccredited investors in private offerings of digital assets, which he believed could be problematic.

However, he emphasized the importance of registering these offerings or creating a new category of tokens that would be exempt from registration.

"I'm handling it. I'm aware of the issues. We'll be making the necessary announcements soon. And we're in the process of appointing a new chair for the SEC," Trump