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Immutable Receives Wells Notice Over 2021 Token Sale
The SEC is probing what it believes are possible securities violations.
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Immutable announced today that they received a Wells Notice from the SEC, a signal that the regulator is investigating possible security violations linked to the company's 2021 IMX token sale. In response, Immutable stated, "We will fight for these rights, and those of our industry, vigorously."
What’s the Scoop?
- The Wells Notice: Although details are limited, Immutable believes the SEC's inquiry is focused on its 2021 IMX token sale.
- Initial Interaction: Immutable was surprised by the Wells Notice, as its contact with the SEC began recently. During the first interaction, the SEC indicated it would issue the Wells Notice within a week, but it arrived in a matter of hours.
- Immutable’s Response: Joining a growing list of crypto firms under SEC scrutiny, Immutable is ready to defend its position and pursue a robust response.
Bankless Take:
Founded in 2018, Immutable has gone through several crypto cycles and is one of the industry's more established firms. While facing SEC action can be daunting, Immutable appears unfazed. The company hopes the SEC will eventually prioritize open dialogue with the crypto industry rather than continued enforcement. However, if the SEC isn’t open to dialogue, Immutable is prepared to fight.