Blockchain gaming platform Immutable has received a Wells notice from the US Securities and Exchange Commission (SEC) regarding alleged violations involving the IMX token.
SEC's Wells Notice
A Wells notice serves as a warning of potential legal actions. This practice has become part of a broader SEC trend towards the cryptocurrency industry. SEC Commissioner Hester Peirce criticized this approach as 'misguided and overreaching.'
SEC's Regulatory Approach
Immutable expressed frustration at SEC's actions, describing them as part of a 'regulation by enforcement' trend. The notice lacked specific allegations, but the company highlighted a lack of prior communications, complicating understanding of regulatory requirements.
Immutable's Commitment to Gaming Innovation
Immutable, a leader in blockchain gaming, intends to defend its stance on the IMX token. The company emphasizes the need for clear regulatory guidelines to foster innovation in the Web3 gaming sector.
Despite SEC's claims, Immutable remains steadfast, highlighting the need for more constructive regulatory engagement to support innovation.
