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Immutable receives warning from SEC and promises to defend IMX token
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Blockchain-based gaming platform Immutable has announced that it has received a Wells Notice from the United States Securities and Exchange Commission (SEC). The document signals the agency’s possible intention to open regulatory action against the company for alleged violations of securities laws.
According to Immutable, the notice arrived quickly, just hours after its first meeting with the SEC, an atypical response time that surprised the company.
The Wells Notice indicates that the SEC may recommend enforcement action against the company. As Immutable reported, there are usually months of discussions and interviews between the company’s defense and the SEC before a notice like this is issued. The company said the SEC did not provide many details. However, he believes that the focus of the case relates to the listing and private sales of the IMX token, carried out in 2021.
Additionally, Immutable stated that he is aware of related inquiries from the Department of Justice. However, he stated that, to date, no one has proposed any legal action. In a statement, the SEC mentioned that, as per agency policy, it does not comment on the existence or absence of ongoing investigations.
Cryptocurrency sector in conflict with the SEC
Immutable joins a number of crypto companies that have received warnings from the SEC in recent months. The list includes giants such as Robinhood Crypto, Crypto.com and OpenSea. The SEC has also brought action against other large companies, such as Coinbase and Kraken, arguing that companies in the crypto sector need to register with the agency and comply with its rules to protect investors.
Gary Gensler, chairman of the SEC, has been emphatic that cryptocurrency firms must follow rules established to protect consumers. However, several companies argue that current regulations are focused on traditional businesses, which creates practical obstacles for the digital asset sector.
Many companies criticize the SEC for applying outdated rules to a market with innovative and technological characteristics that do not fit into traditional categories.
Immutable remains firm in its position and denies that IMX is a security. The company assures that the token is a legitimate tool and that it is willing to defend its rights and those of the blockchain sector, if necessary.
In a public statement, the company said: “We are confident in our position, the value that digital property brings to 3.1 billion gamers around the world, and the power of blockchain to create a better internet.” Immutable highlighted his commitment to the cause and assured that, if necessary, he will fight vigorously.
The gaming platform is betting that blockchain technology has the potential to transform the digital entertainment sector, providing more autonomy and control to players, and believes that regulations adapted to this new scenario would benefit not only companies, but also the public.
Immutable receives warning from SEC and promises to defend IMX token
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Immutable receives warning from SEC and promises to defend IMX token
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Immutable receives warning from SEC and promises to defend IMX token