Immutable receives a Wells Notice from the SEC over allegations that IMX tokens are securities.
OpenSea, also under SEC scrutiny, defends NFTs as non-securities, dedicating $5M for legal defense.
Renowned blockchain gaming firm Immutable recently revealed that the U.S. Securities and Exchange Commission (SEC) sent a Wells Notice indicating its intention to seek enforcement action for claimed securities law violations.
The regulator’s emphasis on the token sale and private listing in 2021 begs concerns about compliance in the token’s first sale, and the SEC argues Immutable’s IMX token could qualify as a security.
As Immutable negotiates these claims under regulatory scrutiny, the SEC suggests that the company’s earlier remarks on the nature of IMX might have been misleading.
Immutable Joins Growing List of Crypto Firms Facing SEC Scrutiny
When the SEC thinks a corporation has violated securities rules, it follows a formal process known as the Wells Notice procedure This notif
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