Immutable Receives Wells Notice from SEC

The blockchain gaming company Immutable has received a Wells Notice from the SEC, as stated in its blog.

The firm attributes the regulator’s claim to the listing and private sales of the IMX token in 2021.

“We are disappointed that the Commission recently sent us a Wells Notice, which lacks specific allegations of securities law violations and alleged misrepresentations by the company,” Immutable asserts.

The document indicates that the SEC plans to file a lawsuit against the firm. Despite potential claims, the blockchain game developer intends to “continue conducting business and creating products for players.”

“Unfortunately, aggressive enforcement threats have become commonplace in our industry. It desperately needs clear compliance guidance, but instead, startups are forced to spend millions on legal fees just to get started,” states the Immutable blog.

The company expressed confidence that the IMX token is not a security and is prepared to defend its position in court.

“Create clear and industry-appropriate rules and regulatory guidelines—we will follow them. Use a fair process, and we will adhere to it. At the very least, have a real conversation before shooting from the hip,” concluded representatives of the crypto project.

In October, the platform Crypto.com filed a lawsuit against the SEC after receiving a Wells Notice.