Immutable’s native cryptocurrency, IMX, witnessed a significant surge of 15% today following the announcement that the U.S. Securities and Exchange Commission (SEC) has decided to discontinue its investigation into the company. This positive news propelled IMX’s price to $0.737, increasing its market capitalization to $1.37 billion, while daily trading activity soared by 120%, exceeding $120 million. This bullish trend comes after a period of challenges, as IMX has nearly recouped all its losses from the previous month, reaching its highest value since March 3, just prior to a downturn in the overall cryptocurrency market. Factors such as President Trump’s tariffs and growing macroeconomic uncertainty had previously driven the price down to $0.46. Currently, the price has slightly retraced to $0.67, but a rebound to $0.70 could trigger approximately $449,500 in liquidations of short positions, according to CoinGlass data.
Immutable Triumphs Over SEC Legal Obstacles
In a significant turn of events for the Web3 sector, Immutable recently reported that the SEC has officially retracted its Wells Notice, which indicated potential violations of securities laws. This withdrawal is seen as a substantial victory for Immutable and the broader Web3 ecosystem. Following the announcement, Immutable co-founder Robbie Ferguson expressed his excitement, stating, “The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken. This is an enormous win for web3 gaming – after a year of fighting, this threat to digital ownership rights has finally been put to rest.” Ferguson emphasized the revolutionary potential of Web3 technology for gamers worldwide, particularly in resolving issues related to digital ownership. He noted, “There are 3.5 billion gamers in the world, and Web3 solves the problem of digital ownership for them, with real utility and product-market fit.” He further remarked that these advancements will facilitate the integration of gamers into blockchain-centric ecosystems, although he acknowledged that the journey is still in its infancy.
Immutable Co-Founder Reflects on Achievements Amid Regulatory Struggles
Robbie Ferguson shared insights into Immutable’s impressive progress over the past year, despite facing legal challenges. He highlighted several key milestones, including the launch of zkEVM, which has become the 11th most utilized blockchain globally. Additionally, the Passport initiative has exceeded 4.9 million sign-ups, and Immutable has formed partnerships with three multi-billion-dollar corporations. The platform has also expanded its game offerings, doubling the number to over 500. “We’re excited to now truly accelerate,” Ferguson stated, underscoring Immutable’s momentum and dedication to enhancing its ecosystem.
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