- Immutable claims the notice “targets the listing and private sale of IMX in 2021.”
- Immutable joins companies like Coinbase Crypto.com and OpenSea that have received Wells notices from the SEC.
- The notice reportedly included a description of the material in less than 20 words.
Immutable was issued in conjunction with a Wells notice from the U.S. Securities and Exchange Commission (SEC) alleging securities law violations and misrepresentations by the company.
A post on the blockchain gaming platform said nothing was specified in the notice, but that “the claims are targeting a listing and private sale of IMX in 2021.” Immutable added, “With this action, the SEC continues its indiscriminate claim that tokens are securities.”
According to Immutable, they are confident that IMX tokens are not securities.
Join the growing list of targeted companies
The SEC’s issuance of a notice to Wells generally indicates that the agency is considering filing a lawsuit against the company. If so, Immutable joins the growing list of companies in the cryptocurrency industry that have or are facing lawsuits against the SEC.
Last July, Ripple won its lawsuit against the SEC when Judge Analisa Torres ruled that XRP is not a security. Last April, Consensys filed a lawsuit against the SEC to protect the Ethereum ecosystem. The SEC later sued Consensys, alleging that the company operated as an unregistered broker-dealer and offered unregistered securities.
Other cryptocurrency organizations that received Wells notices from the SEC include Coinbase, Crypto.com, and OpenSea.
“This latest move against Immutable extends the SEC’s undue influence into gaming,” Immutable said.
According to Immutable, Wells’ notice before the U.S. election shows why “the industry is so skeptical about what the SEC claims to be attempting to provide clarity.”
Immutable added, “There are often months of interviews and conversations between company attorneys and the SEC before a Wells notice is issued, allowing the SEC to fully understand the situation.” “Instead, in our first interaction with the SEC, we were told that a Wells notice would be issued to the company within a week. We received it within hours.”
Immutable said the notice only mentions “legal provisions” and “the critical description is less than 20 words.”