The US SEC this time targets Immutable, delivering a Wells notice to the blockchain gaming company. The company is not having it and vents publicly. Meanwhile, after the announcement, the IMX token is in a price dump of -19%.
SEC and Wells notices: now it’s the turn of the blockchain gaming company Immutable
One step away from the elections for the Presidency of the USA, the SEC does not waste time and continues with its crackdown on the crypto sector.
This time, the company that received the Wells notice is the blockchain gaming company Immutable, which published its dissent in a blog post.
“We are frustrated by the fact that the SEC recently sent us a Wells notice, which non-specifically alleges violations of securities law and alleged misstatements by the company. With this action, the SEC continues to indiscriminately assert that tokens are securities. Although not specified in the notice, we believe its claims are directed at the listing and private sales of IMX in 2021.”
The Wells notice is a first indication from the United States Securities and Exchange Commission that it is considering the idea of filing a lawsuit against the company.
The case that the SEC might file against Immutable would refer, according to the crypto company, to a private pre-launch purchase of the Immutable IMX token by Huobi Ventures Blockchain Fund.
SEC and the Wells notice to blockchain gaming by Immutable: IMX falls by -19%
Immutable follows by reassuring its followers that it will continue to do what it knows how to do best, which is building products and services for gaming on blockchain.
On the contrary, however, the investors seem not to have responded with the same calmness, given that the price dump of the IMX token came immediately after the announcement.
In fact, at the time of writing, IMX is worth $1.07, in a dump of -19% compared to the $1.32 before the announcement.
Unfortunately, this negative reaction from crypto-investors is evident, given that the price trends of major cryptos like Bitcoin (BTC) and Ethereum (ETH) are different.
The latest Wells notices to crypto companies
Immutable joins a series of crypto companies that in recent months have received Wells notices.
For example, last August, the SEC sent a Wells Notice to the famous NFT marketplace, OpenSea. Here, the idea emerged that the US agency was starting to wage war on NFTs just as it has been doing for years with crypto, considering them as unregistered securities.
More recent, however, is the case of the cryptocurrency trading platform Crypto.com, which though has reacted to the notice by attacking. In fact, Crypto.com has filed a petition against the SEC and the CFTC of the USA with the idea of safeguarding the future of the entire sector.
In its petition, Crypto.com illustrates how the SEC is pursuing an unauthorized and unfair regulatory campaign. In fact, for Crypto.com, the SEC has established an illegal rule whereby exchanges of almost all cryptos are security transactions, except when trading BTC and ETH.