The U.S. Securities and Exchange Commission has officially closed its investigation into Australian web3 gaming company Immutable, the company announced on March 25.

Immutable, known for its Ethereum-based gaming infrastructure and native IMX token, revealed that it received a Wells notice from the SEC in November 2024 — a sign that the agency is considering enforcement action.

The company believes the investigation is related to its early token sale and listing, which took place in 2021. With the investigation now dismissed and no charges filed, Immutable calls the decision a step forward for regulatory clarity in the blockchain gaming space.

Immutable, which aims to bring blockchain-based ownership to the global gaming market, said it plans to accelerate its expansion as regulatory uncertainty eases.

Chain Closes
The closure of the case adds to a list of enforcement efforts that have been withdrawn or halted under SEC Chairman Mark Uyeda.

Since taking office in January, Uyeda has overseen the dissolution of several high-profile investigations as the agency moves away from the aggressive enforcement strategy adopted during Gary Gensler’s tenure.

In recent weeks, investigations into other major cryptocurrency companies — including Gemini, Robinhood, OpenSea, and Yuga Labs — have also concluded. Meanwhile, legal actions against companies like Coinbase, Ripple, and Kraken have been dismissed or put on hold.

The SEC has also established a new Crypto Task Force led by Commissioner Hester Peirce, a longtime advocate for clearer crypto guidelines.

The initiative is part of a broader effort to engage industry stakeholders and develop formal regulations rather than relying on enforcement as the primary tool.

The Task Force
Since its launch in January, the Crypto Task Force has taken a more collaborative and transparent approach to crypto regulation.

The Task Force has held a series of public roundtables addressing core issues such as digital asset classification, crypto exchanges, custody solutions, tokenization, and decentralized finance.

The company also actively sought public input from industry stakeholders, including a formal submission from Ripple advocating for clear, predictable criteria for determining whether a digital asset qualifies as a security.

The task force’s efforts signal a broader shift toward issuing structured regulations that aim to provide regulatory clarity while supporting innovation in the digital asset space.

The SEC’s shifting stance comes amid a reassessment of Washington’s cryptocurrency oversight, in part due to policy changes under the Trump administration.