Web3 Watch: SEC sets its sights on gaming
The latest recipient of an SEC Wells notice is a Web3 gaming company
Web3 gaming firm Immutable on Friday announced it had received a Wells notice from the US Securities and Exchange Commission, indicating that the regulator may soon pursue an enforcement action against the company.
The SEC has “non-specifically” alleged Immutable has violated securities laws and misrepresented itself to users, Immutable wrote in a statement .
“In our very first interaction with the SEC, we were told a Wells notice would be issued to the company within the week. We then received it within hours,” the statement added.
Newsletter
Subscribe to Blockworks Daily
Read more: SOL, ADA listed in Crypto.com Wells notice
While the SEC was vague in the nature of its investigation, Immutable said, executives presume the securities regulator is targeting the company’s IMX token, which were privately sold in 2021. Following the announcement, IMX was trading more than 13% lower on Friday at 12 pm ET.
Immutable ’s message to regulators?
“Engage with the industry. Create clear and fit-for-purpose industry rules and regulatory guidelines, and we will follow them.”
The news comes as other crypto companies report being on the SEC’s radar. NFT marketplace OpenSea in April received a Wells notice from the regulator, alleging NFTs sold on the platform are classified as securities.
Last month, Crypto.com filed a suit against the SEC after it said it received a Wells notice over the summer. The exchange said the preemptive countersuit was intended to “protect the future of the crypto industry in the US.”
An interesting stat:
- DeFi and crypto adoption is growing in Eastern Europe, a new report from Chainalysis shows. The region received over $499 billion worth of cryptocurrency between July 2023 and June 2024, accounting for 11% of the total global share.
Also of note:
- Bridge, which Stripe is acquiring for $1.1 billion , announced Friday that it bought Web3 wallet infrastructure company Triangle for an undisclosed amount.
- Coinbase and Visa announced on Tuesday a partnership to integrate Visa Direct on the crypto exchange, allowing users to make deposits via Visa debit cards.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter .
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter .
Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
- Gaming
- Immutable
- SEC
- Web3 Watch
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ILV breaks through $50
AAVE breaks above $370
PENGUUSDT now launched for futures trading and trading bots
Bitget has launched PENGUUSDT for futures trading with a maximum leverage of 75, along with support for futures trading bots, on December 18, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. PENGUUSDT-M perpetual futures: Parameters Details Listi
Musk says Warren's allegations of conflict of interest in DOGE were driven by SBF parents