The US Securities and Exchange Commission (SEC) has issued a “Wells Notice” to Immutable, a blockchain gaming platform. It joins a list of prominent Web3 companies targeted by the agency’s regulation-by-enforcement approach.
Following the news, the price of IMX token declined by more than 14% in the last 24 hours, falling below $1.40.
Abrupt Wells Notice to Immutable
In a blog post on November 1st, Immutable expressed frustration over receiving a Wells Notice from the SEC, which, according to the platform, “non-specifically” alleges securities law violations and possible misrepresentations.
Typically, the SEC engages in several months of discussions with a company before issuing a Wells Notice, allowing for detailed exchanges and a clearer understanding of the situation. However, in the case of Immutable, this standard process was skipped entirely.
Immutable reported that in its first interaction with the SEC, the company was informed it would receive a Wells Notice within t
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