📣 Immutable Reacts to Potential SEC Lawsuit
posted 1 Nov 2024
Blockchain gaming company Immutable received a Wells Notice from the US SEC (Securities and Exchange Commission). This means the agency is considering filing a lawsuit against Immutable for violating securities law.
In a press release, Immutable stated that although the SEC didn’t specify the subject of its claims, the company believes the target is the listing and private sales of the platform’s native IMX token in 2021.
Immutable expressed its frustration around the SEC’s move and its position to protect digital ownership in gaming.
The company noted that prior to the issuance of the Wells Notice, parties often hold interviews and conversations for multiple months. However, the SEC notified Immutable about the issuance of the Wells Notice after their first interaction, without fully understanding the situation.
The company noted that prior to the issuance of the Wells Notice, parties often hold interviews and conversations for multiple months. However, the SEC notified Immutable about the issuance of the Wells Notice after their first interaction, without fully understanding the situation.
What’s more, the notice simply cited statutory provisions and contained limited meaningful detail about the nature of the investigation - we counted fewer than 20 words of material explanation,Immutable wrote.
The blockchain company added that they welcome a robust conversation to clarify facts.
The industry desperately wants clear guidelines for compliance, but instead startups are forced to spend millions of dollars in legal fees to even get off the ground.
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