Immutable Secures Major Legal Win as SEC Closes Investigation Without Action

The US Securities and Exchange Commission (SEC) has officially closed its investigation into Immutable (IMX), a blockchain-based gaming platform.

The development comes after the regulator dropped several high-profile lawsuits recently, including the long-running case against Ripple.

SEC Drops Probe into Immutable

Immutable co-founder Robbie Ferguson revealed the development in the latest X (formerly Twitter) post.

“The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken,” he posted.

Ferguson referred to this as a significant victory for Web3 gaming, emphasizing its importance in safeguarding digital ownership rights. Immutable had been under scrutiny after receiving a Wells Notice from the SEC in November 2024. 

The SEC’s probe focused on Immutable’s 2021 IMX token listing and private sales, raising fears of potential securities law violations. Yet, Immutable strongly defended its position throughout.

The company’s resilience paid off. According to the official statement, the investigation concluded with “zero findings of wrongdoing.” Ferguson also highlighted that, despite the regulatory scrutiny, the platform managed to achieve many milestones over the past year.

The company launched the Immutable zkEVM blockchain. It secured partnerships with three multi-billion-dollar companies and saw 4.9 million sign-ups for its Passport product. Additionally, Immutable doubled its game offerings, reaching over 500 titles. 

“There are 3.5 billion gamers in the world, and web3 solves the problem of digital ownership for them with real utility + PMF. Overcoming this investigation was a big step to bringing them on-chain, but we’re still early days,” Ferguson added.

This outcome aligns with a broader shift in the SEC’s approach to crypto regulation under Acting Chair Mark Uyeda. Since President Donald Trump took office in early 2025, high-profile investigations into major crypto firms, including Gemini, Robinhood, OpenSea, Uniswap, and Yuga Labs, have been closed.

The SEC has also dropped lawsuits against major players such as Coinbase, Kraken, ConsenSys, and Ripple. This signals a retreat from former Chair Gary Gensler’s aggressive enforcement tactics.

Notably, the market responded positively to the news. According to BeInCrypto data, Immutable’s IMX token rose 7.5% over the past day. At the time of writing, it was trading at $0.6.

Its trading volume also surged by triple digits, marking a 122.0% increase over the past day, indicating heightened trader activity. This significant market movement reflects growing confidence in Immutable’s future prospects, with the company’s legal victory giving traders renewed optimism about its potential.