The SEC has concluded its investigation into Immutable, finding no wrongdoing.

BlockBeats News, March 26, Web3 gaming platform Immutable announced that the U.S. Securities and Exchange Commission (SEC) has officially notified the company that its investigation into the company and related parties has concluded. The investigation found no wrongdoing, and the SEC will not take any action. This ends the cycle of Wells notices (indicating an investigation is taking place with intent to bring enforcement action) issued by the SEC last year.

When it received the Wells notice last year, Immutable had protested and argued its innocence. The company stated that the SEC's investigation was the latest example of its "regulation by enforcement" policy, which has targeted almost every leading company in the Web3 space. Immutable joins the ranks of companies such as Coinbase, Consensys, Ripple, OpenSea, Crypto.com, among others, who faced escalated enforcement actions by the SEC in the final two months before the U.S. election.

At the time, Immutable stated that the SEC continued to arbitrarily claim that the token was a security. Although the notice did not specify, Immutable believed the charges were related to the company's 2021 IMX token listing and private sale. A Wells notice is a signal that the SEC is considering bringing a lawsuit against a company.

"We are pleased that the SEC has concluded its investigation. This is an important milestone for the crypto industry and gaming as we move towards a regulatory clarity future," said Robbie Ferguson, President of Immutable, in a statement. "Immutable remains committed to realizing our vision of bringing digital ownership to the world's 3.1 billion gamers; we can now move forward unimpeded towards this goal."