TheSEChasissuedaWellsnoticetoblockchaingamingplatformImmutableinwhathasbecomeawidespreadcrackdownoncryptocompaniesaheadoftheUSelection.
ImmutablesaidinanOct.31blogpostthatthemoveisthelatestinstanceoftheSEC’s“regulation-by-enforcement”policytargetingthecryptoindustry.Itaddedthatthewatchdogissuedthenoticewithoutpriordiscussions
AccordingtoImmutable,theSEC’sallegations,thoughvague,appeartofocusonthe2021listingandprivatesalesofitsnativetokenIMX.ThenetworkcontendsthattheIMXtokendoesnotmeetthecriteriaofasecurityandthattheregulator’sactionsbypassmeaningfuldialogue.
Immutablesaid:
“Tomanufactureacaseonalistingthatoccurredin2021,withpracticallynodirectcommunicationwiththecompany,ispreciselythereasontheindustryissoskepticalofanyattemptsfromthisSECtoargueitisattemptingtoprovideclarity.”
Immutable’sstatementindicatedthattheSEC’sallegations,thoughnon-specificintheWellsnotice,seemtocenteronpotentialsecuritieslawviolationsrelatedtothelistingandprivatesalesofitsIMXtokenin2021.
ThecompanyexpressedfrustrationthattheSEC’snoticecontainedonlylimiteddetail—fewerthan20wordsofsubstantiveexplanation—andlackedaclearbasisfortheinvestigation.
Additionally,ImmutablesuggestedthattheSEC’sallegationsimpliedinaccurateclaimsof“fraudulentmisrepresentations”tiedtoa2021blogpostabouttheIMXtoken’spre-launchinvestmentpricing.
Thecompanyarguedthattheregulatormischaracterizedthisinformation,statingthattherewasindeed“realconsideration”involvedintheinvestment,whichtheagencycouldhaveclarifiedhaditengagedinconstructivedialoguewithImmutablebeforeissuingthenotice.
Immutablesaiditispreparedto“defendtherightsofbuilders,creators,andgamers,”withitsconsiderablewarchestandextensiveresources.Itaddedthatitscommitmenttotheindustryisclearanditwill“keepbuilding”regardlessoftheregulatorychallenges.
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