Immutable, a blockchain gaming platform, claims to have received a Wells notice from the U.S. Securities and Exchange Commission (SEC) due to alleged securities law violations within hours of their initial interaction. The company published this information on their official channels and has begun to address the issue publicly.
Cointelegraph also reported on the matter, providing additional context. The official Twitter account of Immutable posted a detailed explanation of the situation, stating that the notice was sent by the SEC after a quick mention of their project in a regulatory alphabet soup.
Immutable further clarified that the investigation was specifically regarding their IMMT token. They asserted that the IMMI token, IMMX NFT collection, the Immutable Virtual Real Estate and Virtual Land NFTs, as well as the Immutable Play Fund, are not involved in this investigation.
Additionally, Immutable claims that their token structure meets all the criteria of the Howey Test, which is a tool for determining if a certain transaction qualifies as an “investment contract.” They emphasized that they do not have any plans of IPO or going public, and that they did not perform any roadshows or cold calls in relation to their IMMI token.
In conclusion, Immutable is stating that they are fully compliant and are working to handle this situation with the SEC. They are yet to receive an enforcement action from the regulator and are committed to operating within the securities law. They are also advising their community members to stay informed and uphold the standards of conduct while interacting with potential investors.
