Web3 Watch: SEC sets its sights on gaming 

The latest recipient of an SEC Wells notice is a Web3 gaming company

article-image

SEC Chair Gary Gensler | Muhammad Alimaki/Shutterstock modified by Blockworks

share

Web3 gaming firm Immutable on Friday announced it had received a Wells notice from the US Securities and Exchange Commission, indicating that the regulator may soon pursue an enforcement action against the company. 

The SEC has “non-specifically” alleged Immutable has violated securities laws and misrepresented itself to users, Immutable wrote in a statement

“In our very first interaction with the SEC, we were told a Wells notice would be issued to the company within the week. We then received it within hours,” the statement added. 

Read more: SOL, ADA listed in Crypto.com Wells notice

While the SEC was vague in the nature of its investigation, Immutable said, executives presume the securities regulator is targeting the company’s IMX token, which were privately sold in 2021. Following the announcement, IMX was trading more than 13% lower on Friday at 12 pm ET. 

Immutable’s message to regulators? 

“Engage with the industry. Create clear and fit-for-purpose industry rules and regulatory guidelines, and we will follow them.” 

The news comes as other crypto companies report being on the SEC’s radar. NFT marketplace OpenSea in April received a Wells notice from the regulator, alleging NFTs sold on the platform are classified as securities. 

Last month, Crypto.com filed a suit against the SEC after it said it received a Wells notice over the summer. The exchange said the preemptive countersuit was intended to “protect the future of the crypto industry in the US.” 

An interesting stat: 

  • DeFi and crypto adoption is growing in Eastern Europe, a new report from Chainalysis shows. The region received over $499 billion worth of cryptocurrency between July 2023 and June 2024, accounting for 11% of the total global share. 

Also of note: 

  • Bridge, which Stripe is acquiring for $1.1 billion, announced Friday that it bought Web3 wallet infrastructure company Triangle for an undisclosed amount. 
  • Coinbase and Visa announced on Tuesday a partnership to integrate Visa Direct on the crypto exchange, allowing users to make deposits via Visa debit cards. 

Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

In 2011, WikiLeaks faced a financial blockade imposed by the US government. It was Bitcoin’s first major test.

article-image

Kado’s founder Emery Andrew spoke to Blockworks about the acquisition and what’s next for the team

article-image

LayerZero’s Bryan Pellegrino chatted with Blockworks about the firm’s next steps and its 10-year runway

article-image

Colosseum co-founder Matty Taylor is seeing “high-performance [Solana] founders showing a lot of interest in private trading technology”

article-image

Executives weigh the growth potential they see in the public stock and private credit/equities arenas

article-image

Players can stake ME, trade tokens and link wallets to climb the leaderboard