{"id":40571,"date":"2024-11-01T07:17:12","date_gmt":"2024-11-01T07:17:12","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/immutable-becomes-the-latest-to-receive-a-wells-notice-from-the-sec-over-alleged-securities-laws\/"},"modified":"2024-11-01T07:17:12","modified_gmt":"2024-11-01T07:17:12","slug":"immutable-becomes-the-latest-to-receive-a-wells-notice-from-the-sec-over-alleged-securities-laws","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/immutable-becomes-the-latest-to-receive-a-wells-notice-from-the-sec-over-alleged-securities-laws\/","title":{"rendered":"Immutable becomes the latest to receive a Wells notice from the SEC over alleged securities laws"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1645533291103-f186cbe9-5ea1-427a-9dfe-2b0ccc27978b-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1645533291103-f186cbe9-5ea1-427a-9dfe-2b0ccc27978b-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1645533291103-f186cbe9-5ea1-427a-9dfe-2b0ccc27978b-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/1645533291103-f186cbe9-5ea1-427a-9dfe-2b0ccc27978b-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">Immutable claims the notice is \u201ctargeting the listing and private sales of IMX in 2021<\/li>\n<li aria-level=\"1\">Immutable joins the likes of Coinbase Crypto.com, and OpenSea who have received Wells notices from the SEC<\/li>\n<li aria-level=\"1\">The notice is said to have contained less than 20 words of material explanation<\/li>\n<\/ul>\n<p>Immutable has been issued with a Wells notice from the US Securities and Exchange Commission (SEC) alleging securities laws and misrepresentations by the company.<\/p>\n<p>In a <a href=\"https:\/\/www.immutable.com\/blog\/defending-digital-ownership-in-gaming\" target=\"_blank\" rel=\"noopener\">post<\/a> from the blockchain gaming platform, it said that while nothing was specified in the notice, it believes its \u201cclaims are targeting the listing and private sales of IMX in 2021.\u201d Immutable added that \u201cwith this action, the SEC is continuing to indiscriminately assert that tokens are securities.\u201d<\/p>\n<p>According to Immutable, they are confident that the IMX token is not a security.<\/p>\n<h2>Joins a growing list of targeted companies<\/h2>\n<p>For the <a href=\"https:\/\/coinjournal.net\/search\/securities+and+exchange+commission\">SEC<\/a> to issue a Wells notice, it\u2019s generally indicative that the agency is thinking about bringing a lawsuit against a company. If it does, Immutable joins a list of companies in the crypto industry that have faced or are facing lawsuits against the SEC.<\/p>\n<p>Last July, <a href=\"https:\/\/coinjournal.net\/search\/ripple\">Ripple<\/a> won a lawsuit against the SEC when Judge Analisa Torres <a href=\"https:\/\/coinjournal.net\/news\/ripple-wins-sec-case-xrp-not-a-security\/\">ruled that XRP is not a security<\/a>. In April, Consensys filed a <a href=\"https:\/\/coinjournal.net\/news\/consensys-sues-sec-for-clarification-on-ethereum-eth-classification-as-a-security\/\">lawsuit against the SEC<\/a> to protect the Ethereum ecosystem. The <a href=\"https:\/\/coinjournal.net\/news\/sec-files-lawsuit-against-consensys\/\">SEC later sued Consensys<\/a> alleging that the company operated as an unregistered broker-dealer and offered unregistered securities.<\/p>\n<p>Other crypto organizations that have received a Wells notice from the SEC include <a href=\"https:\/\/coinjournal.net\/news\/coinbase-receives-wells-notice-from-sec\/\">Coinbase<\/a>, <a href=\"https:\/\/coinjournal.net\/news\/crypto-com-sues-the-us-sec-after-wells-notice\/\">Crypto.com<\/a>, and <a href=\"https:\/\/coinjournal.net\/news\/opensea-gets-wells-notice-from-sec\/\">OpenSea<\/a>.<\/p>\n<p>\u201cWith this latest move against Immutable, the SEC\u2019s overreach has expanded into gaming,\u201d Immutable said.<\/p>\n<p>According to Immutable, the Wells notice before the US election illustrates why the \u201cindustry is so skeptical of any attempts from this SEC to argue it is attempting to provide clarity.\u201d<\/p>\n<p>\u201cPrior to the issuance of a Wells notice, there are often multiple months of interviews and conversations between company counsel and the SEC, so the SEC can fully understand the situation,\u201d Immutable added. \u201cInstead, 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.\u201d<\/p>\n<p>Immutable said that the notice only cited \u201cstatutory provisions\u201d and had less \u201cthan 20 words of material explanation.\u201d<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/immutable-becomes-the-latest-to-receive-a-wells-notice-from-the-sec-over-alleged-securities-laws\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Immutable claims the notice is \u201ctargeting the listing and private sales of IMX in 2021 Immutable joins the likes of Coinbase Crypto.com, and OpenSea who have received Wells notices from the SEC The notice is said to have contained less than [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":40572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40571"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=40571"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/40572"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=40571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=40571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=40571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}