Ethereum gaming company Immutable has recently revealed that the U.S. Securities and Exchange Commission (SEC) is threatening legal action over alleged violations related to its IMX token sales. The SEC issued a Wells notice suggesting that the firm could face an enforcement action, pointing to past sales of IMX in 2021 when over $12.5 million was raised through a token offering. Immutable asserts that the allegations lack specific details, reiterating its belief that the IMX token is not a security. The SEC has also accused the company of making false claims regarding a pre-launch investment, which Immutable disputes. This situation marks a significant escalation in regulatory scrutiny as the SEC extends its focus into the gaming sector. Immutable, which has raised $298 million in funding since 2018 and is well-capitalized, is preparing to defend itself against these claims. The company emphasizes its contributions to the crypto gaming industry and collaboration efforts with traditional gaming firms.

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