Blockchain gaming platform Immutable has vowed to contest potential enforcement actions from the SEC following the receipt of a Wells notice shortly after initiating contact with the regulator. Immutable asserted that while the SEC's specific allegations were not disclosed, they likely concern the 2021 listing and private sales of its IMX token. The company expressed dissatisfaction over the speed of the Wells notice issuance, claiming they were informed of it within hours of their first SEC call, a stark contrast to the typical months of discussions that occur before such notices. Immutable defended its actions related to the IMX token, asserting that transactions had real value contrary to the SEC's claims. The firm remains confident in its position, stating that the IMX token is not a security, despite broader SEC actions against various crypto firms, including OpenSea and Uniswap. Following the notice, the price of the IMX token fell by 9%.

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