Market
Why the SEC Issued a Wells Notice to Immutable (IMX)

Immutable (IMX) is the newest victim in the latest salvo from US regulators targeting cryptocurrency firms. The blockchain gaming platform revealed that it received a Wells notice from the US Securities and Exchange Commission (SEC).
It adds to the list of Wells Notices issued this year, with the agency’s enforcement regulation still being a contentious issue in the crypto industry.
Immutable Challenges SEC’s Wells Notice
In a statement on Thursday, Immutable accused the SEC of overreach after receiving a Wells Notice. Citing unfair regulation, the blockchain gaming platform described the notice as part of a broader regulatory push that is squeezing the crypto industry. It added that the agency’s actions appear to be part of a “regulation-by-enforcement” strategy targeting crypto companies but offering no clear compliance framework.
“With this action, the SEC is continuing to indiscriminately assert that tokens are securities,” a paragraph in the statement read.
The allegations center on whether its 2021 IMX token listing and sales constitute securities violations. Immutable, however, has contested the SEC’s claims, arguing that the IMX token does not meet the definition of a security.
Read more: What Does It Mean To Receive a Wells Notice From the SEC?
Specifically, Immutable challenged the SEC’s claims that they may involve inaccurate interpretations of statements it made in 2021 regarding the IMX token’s pre-launch pricing. The firm also slammed the SEC for a “one-size-fits-all” approach. Nevertheless, the notice signals potential enforcement action against Immutable.
The SEC reportedly issued a Wells Notice to Immutable following an initial meeting with the company’s legal team — a move the company described as unusual. According to Immutable, such notices typically come after a series of detailed discussions, allowing time for a comprehensive evaluation. Immutable noted that the notice provided “fewer than 20 words of meaningful explanation,” prompting the company to question the SEC’s decision-making process.
“To manufacture a case on a listing that occurred in 2021, with practically no direct communication with the company, is precisely the reason the industry is so skeptical of any attempts from this SEC to argue it is attempting to provide clarity,” Immutable CEO James Ferguson noted.
Immutable criticized the SEC’s allegations as broad and vague, with CEO James Ferguson suggesting that meaningful discussions could have clarified many ambiguities now surrounding the case. Despite these legal hurdles, Immutable reaffirmed its commitment to the blockchain gaming sector and emphasized it will defend its practices vigorously.
“We are prepared to defend the rights of builders, creators, and gamers…we will keep building even in the face of regulatory pressure,” the firm concluded.

In the aftermath of this news, the IMX token is down by a stark 13.29% to trade for $1.18 as of this writing.
Crypto Crackdown Intensifies Ahead of US Elections
Meanwhile, this Wells Notice adds to a growing list of enforcement moves against crypto companies, with the SEC’s increased scrutiny of digital assets prompting a wave of legal defenses across the crypto sector.
Earlier in October, popular exchange Crypto.com launched a lawsuit against the SEC after receiving a similar Wells notice. The company claimed that the SEC was overstepping its regulatory authority by classifying various digital tokens as securities without sufficient basis. Similarly, Uniswap and NFT marketplace OpenSea also recently received Wells Notices.
The trend passes as an attempt to regulate the sector without establishing a formal rulebook. On this account, Blockchain Association, an advocacy group, noted in a recent report that the SEC has filed 104 enforcement actions against crypto entities since the beginning of 2023. Based on the report, these crackdowns saw these companies “waste” approximately $426 million in legal defense fees.

The regulator’s enforcement drive comes at a politically sensitive time, just ahead of the 2024 US presidential election. Some speculate that regulators are tightening their stance on crypto companies as a way to demonstrate heightened scrutiny of digital assets to the public. However, this regulatory push may also heighten industry demands for legislative action to clarify compliance standards for digital assets.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
As the SEC’s enforcement actions expand, Immutable’s case could become a touchstone in the broader debate over crypto regulation. For now, the blockchain gaming firm is digging in for a legal fight.
“We’re ready to do our part, join the companies fighting for crypto, and defend digital ownership in gaming,” Immutable co-founder Robbie Ferguson said.
This standoff with the SEC highlights the pressing need for clearer compliance guidelines that balance consumer protection with innovation.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
PI Token Price Faces Bearish Pressure, Risking a Drop to $0.40

PI has been on a steady downtrend since February 26, shedding 72% of its value as bearish sentiment continues to weigh on the token.
Bearish pressure continues to mount on the PI token, suggesting that it may be poised to enter a new phase of decline.
PI Network Risks Fresh Decline
An assessment of the PI/USD one-day chart reveals that token holders remain steadfast in their distribution. At press time, PI’s Balance of Power (BoP) is negative, reflecting the selling pressure in the market.

The BoP indicator measures the strength of buying versus selling pressure by comparing the close price to the trading range within a given period. When BOP is negative like this, it indicates that sellers are dominating the market, suggesting downward pressure on the asset’s price.
Further, the setup of PI’s Chaikin Money Flow (CMF) supports this bearish outlook. At press time, this is below the central line at -0.12.

The CMF indicator measures an asset’s buying and selling pressure. A negative CMF reading suggests that the asset is experiencing more selling pressure than buying pressure. This means PI traders are distributing rather than accumulating. This signals bearish sentiment and confirms the downward momentum in the token’s price.
Sellers Tighten Grip on PI, But Recovery to $1.01 Still on the Table
At press time, PI trades at $0.63, below the dynamic support formed above it at $0.93 by its Super Trend indicator.
The Super Trend indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility.
When an asset’s price trades below the Super Trend line like this, it signals a bearish trend and hints at potential decline. If PI’s decline strengthens, it could revisit its all-time low of $0.40.

However, if demand returns to the PI market, its price could break above the resistance at $0.86 and surge to $1.01.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Circle, BitGo, and Others Eye Bank Charters in US

With support from Trump’s White House and easing regulations, firms like Circle and BitGo are pursuing becoming full-fledged financial institutions.
Reports indicate a new wave of crypto companies knocking on the once-closed doors of the American banking system. This time, someone is listening.
Crypto Firms Seek Bank Charters as Wall Street’s Doors Reopen
After years of being sidelined, crypto companies are coming back, this time through the front door of the US banking system.
Citing sources familiar with the matter, the Wall Street Journal revealed that several major players, including Circle and BitGo, are preparing to apply for bank charters or financial licenses.
Traditional banks are also responding to the shift. US Bancorp is re-launching its crypto custody program via NYDIG, while Bank of America (BofA) said it would issue its stablecoin once the legal framework is in place.
Even global giants are watching closely. A consortium including Deutsche Bank and Standard Chartered is evaluating how to expand crypto operations into the US.
While details remain scarce, the interest signals that crypto is no longer just a niche but a competitive frontier.
These firms reportedly aim to operate with the same legitimacy and access as traditional lenders. This includes holding deposits, issuing loans, and launching stablecoins under regulatory supervision.
The timing is not random. A sharp pivot in federal policy, driven by President Trump’s pledge to make the US a Bitcoin superpower, has reopened regulatory pathways once shut after the FTX collapse.
In parallel, Congress is advancing stablecoin legislation requiring issuers to secure federal or state licenses.
The push for bank status comes amid a broader effort to legitimize crypto within US finance. Earlier this year, regulators rolled back key restrictions. Among them, the SEC’s controversial SAB 121, which had blocked banks from holding crypto on behalf of clients.
Meanwhile, Federal Reserve (Fed) Chair Jerome Powell affirmed that banks could serve crypto customers provided proper risk management strategies exist.
In another regulatory green light, the Office of the Comptroller of the Currency (OCC) clarified that banks can offer stablecoin and custody services. However, this is provided they comply with established banking rules.
These signals have emboldened crypto firms previously kept at arm’s length. Anchorage Digital, the only US crypto-native firm with a federal bank charter, says the regulatory lift is massive but worth it.
“It hasn’t been easy… the whole gamut of regulatory and compliance obligations that banks have can be intertwined with the crypto industry,” Anchorage CEO Nathan McCauley reportedly admitted.
McCauley cited tens of millions in compliance costs. Nevertheless, Anchorage has since collaborated with BlackRock, Cantor Fitzgerald, and Copper for high-profile custody and lending programs.
BitGo, which will reportedly custody reserves for Trump-linked stablecoin USD1, is nearing a bank charter application.
Circle, the issuer of USDC, is also pursuing licenses while fending off competition, just like Tether. This is a traditional finance (TradFi) venture into stablecoins.
The firm delayed its IPO this month, citing market turmoil and financial uncertainty. However, insiders say regulatory clarity remains a top priority.
Firms like Coinbase and Paxos are exploring similar routes, considering industrial banks or trust charters to expand their financial offerings legally.
At the policy level, venture firm a16z has called on the SEC to modernize crypto custody rules for investment firms, reflecting the industry’s hunger for clarity and parity.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Springs Back From $531 With Unshaken Bullish Conviction

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.
One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.
I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.
I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.
I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.
-
Market23 hours ago
Tokens Big Players Are Buying
-
Market22 hours ago
Dogecoin Defies Bullish Bets During Dogeday Celebration
-
Bitcoin11 hours ago
US Economic Indicators to Watch & Potential Impact on Bitcoin
-
Altcoin22 hours ago
Expert Predicts Pi Network To Reach $5 As Whales Move 41M Pi Coins Off Exchanges
-
Market20 hours ago
Will XRP Break Support and Drop Below $2?
-
Bitcoin20 hours ago
Bitcoin LTH Selling Pressure Hits Yearly Low — Bull Market Ready For Take Off?
-
Bitcoin17 hours ago
Here Are The Bitcoin Levels To Watch For The Short Term
-
Market13 hours ago
Bitcoin Price Breakout In Progress—Momentum Builds Above Resistance