Immutable, a Web3 gaming firm, has received a Wells notice from the SEC, suggesting potential enforcement action due to alleged violations of securities laws. The SEC's vague allegations likely target Immutable's IMX token, which was privately sold in 2021. Following this news, IMX's trading value dropped over 13%. Immutable has expressed a desire for regulators to engage with the industry and establish clear guidelines. This incident aligns with other recent actions by the SEC against crypto companies, such as OpenSea, which faced claims regarding the classification of NFTs as securities. Additionally, Crypto.com also received a Wells notice and has initiated a countersuit to defend the crypto industry’s future in the US. This rising regulatory scrutiny coincides with a significant increase in DeFi and crypto adoption in Eastern Europe, which received over $499 billion worth of cryptocurrency from July 2023 to June 2024, highlighting a growing interest in the crypto space.

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