The price of Immutable’s IMX token on Ethereum fell rapidly late Thursday after the crypto gaming firm disclosed that it received a letter from the U.S. Securities and Exchange Commission (SEC) threatening potential enforcement action ahead.
IMX is down 14% on the day at a current price of $1.15, per data from CoinGecko, including a sudden dip from a price of about $1.29 to $1.19 in less than two hours after Immutable disclosed the Wells notice late Thursday afternoon.
Immutable said that it had received the letter from the SEC warning of an impending lawsuit by the regulator, which the Australian firm believes is tied to a 2021 sale of IMX tokens that the agency alleges was a sale of unregistered securities.
“Despite the SEC indiscriminately claiming that tokens across the industry are securities, we are confident the IMX token is not,” an Immutable spokesperson said Thursday. “The notice simply cited statutory provisions and contained limited meaningful detail.”
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Author: Andrew Hayward
