Immutable 被 SEC 指控违反证券法，IMX 代币价格跌破 1.30 美元

11 月 1 日，Web3 游戏基础设施公司 Immutable 宣布收到美国证券交易委员会（SEC）发出的“威尔斯通知”，其中含糊其辞地指控其违反证券法并做出虚假陈述。

Web3 gaming infrastructure company Immutable announced on November 1 that it had received a "Wells Notice" from the U.S. Securities and Exchange Commission (SEC), which ambiguously accused it of violating securities laws and making false statements.

Web3游戏基础设施公司Immutable于11月1日宣布，收到美国证券交易委员会（SEC）发出的“威尔斯通知”，其中含糊其辞地指控其违反证券法并做出虚假陈述。

Following the announcement, Immutable's ecosystem token IMX fell below $1.30. According to CoinGecko data, as of November 2, the price of the IMX token was approximately $1.10, with a fully diluted market cap of about $2.17 billion, still firmly holding the top position in the Web3 gaming ecosystem.

消息公布后，Immutable 的生态系统代币 IMX 跌破 1.30 美元。根据 CoinGecko 数据，截至 11 月 2 日，IMX 代币价格约为 1.10 美元，完全稀释后市值约为 21.7 亿美元，仍然牢牢占据 Web3 游戏生态中的第一位置。

"With the latest action against Immutable, the SEC's overreach has extended into the gaming sector." According to Immutable, during their first interaction with the SEC, they were informed that the Wells Notice would be issued within a week. However, they received the notice just a few hours later. In the past, there would typically be months of discussions and communications between the company's legal counsel and the SEC before a Wells Notice was issued, allowing the SEC to fully understand the situation. The timing of this accusation, just before the U.S. elections, was indeed unexpected for Immutable.

“随着针对 Immutable 的最新行动，美国证券交易委员会的越权行为已经扩展到游戏领域。”据 Immutable 报道，在他们与 SEC 的第一次互动中，他们被告知威尔斯通知将在一周内发布。然而，仅仅几个小时后，他们就收到了通知。过去，在发出威尔斯通知之前，公司的法律顾问和 SEC 之间通常会进行数月的讨论和沟通，以便 SEC 充分了解情况。这一指控的时机恰逢美国大选，确实令 Immutable 始料未及。

More importantly, the SEC seems to have only cited general statutory provisions in the notice, lacking specific details, and Immutable mockingly stated that the substantive explanation in the notice was even less than 20 words. As more companies in the cryptocurrency industry face pressure from U.S. regulators, criticism of the SEC and its chairman Gary Gensler has never ceased. In response to the SEC's somewhat hasty and unprepared accusations, Immutable made a strong rebuttal in its announcement: "Although the SEC indiscriminately claims that tokens across the entire industry are securities, we are confident that the IMX token is not a security."

更重要的是，SEC在通知中似乎只引用了一般性的法定条款，缺乏具体细节，而Immutable则嘲讽称通知中的实质性解释甚至不到20字。随着越来越多的加密货币行业公司面临美国监管机构的压力，对 SEC 及其主席 Gary Gensler 的批评从未停止。针对 SEC 的有些仓促和毫无准备的指控，Immutable 在公告中做出了强烈反驳：“虽然 SEC 不分青红皂白地声称整个行业的代币都是证券，但我们有信心 IMX 代币不是证券。”

Regarding the allegations of false statements, Immutable believes the SEC's claims pertain to the listing and private sale of IMX in 2021. In a phone call 10 minutes after the Wells Notice was issued, the SEC referenced a blog post released by Immutable during that period and implied that the claimed investment by Huobi Ventures prior to the listing of IMX did not actually occur. Immutable strongly criticized this, stating, "The SEC has made another mistake: they could have learned this through constructive dialogue with the company."

对于虚假陈述的指控，Immutable 认为 SEC 的指控与 2021 年 IMX 的上市和私募有关。在 Wells 通知发布 10 分钟后的电话中，SEC 引用了 Immutable 在此期间发布的一篇博文，暗示火币创投在IMX上市前所声称的投资实际上并未发生。 Immutable 强烈批评了这一点，并表示，“美国证券交易委员会犯了另一个错误：他们本可以通过与公司的建设性对话来了解这一点。”

In addition to tokens, whether NFTs fall under the category of securities has also been a contentious issue and a focus of regulatory scrutiny in recent years. At the end of August this year, OpenSea CEO Devin Finzer announced that he had received a Wells Notice from the SEC, suggesting that the NFTs on the platform might be classified as securities, threatening to sue OpenSea. Currently, in addition to applications in digital art and collectibles, another major application area for NFTs is in-game items, which is also part of Immutable's gaming business.

除了代币之外，NFT是否属于证券类别也是近年来备受争议的问题和监管审查的焦点。今年8月底，OpenSea CEO Devin Finzer 宣布收到 SEC 的 Wells 通知，暗示平台上的 NFT 可能被归类为证券，并威胁要起诉 OpenSea。目前，除了数字艺术和收藏品方面的应用外，NFT 的另一个主要应用领域是游戏内物品，这也是 Immutable 游戏业务的一部分。

As one of the largest gaming ecosystems, Immutable has launched flagship games such as "Gods Unchained" and "Guild of Guardians." In the second quarter of this year, with the launch of "Guild of Guardians" and the release of the "Main Quest," which boasts rewards exceeding $50 million and claims to be the largest Web3 gaming mission and rewards program in history, its ecosystem players officially surpassed one million, doubling in just May alone. Related reading: “Ecosystem players surpass one million, a look at the 13 games currently promoted by Immutable”

作为最大的游戏生态系统之一，Immutable 推出了《Gods Unchained》、《Guild of Guardians》等旗舰游戏。今年第二季度，随着《守护者公会》的推出以及奖励超过 5000 万美元、号称史上最大 Web3 游戏任务和奖励计划的《主线任务》的发布，其生态系统玩家数量正式突破 100 万，仅在 5 月份就翻了一番。相关阅读：《生态玩家突破百万，看看Immutable目前主推的13款游戏》

According to DappRadar data, the total market value of NFT assets in the collectible card game "Gods Unchained" reaches $1.8 billion. Based on the SEC's unexpected enforcement style, it seems plausible that after initially classifying digital artworks as securities, they may also classify NFT-based gaming items as securities after "entering" the gaming sector.

根据 DappRadar 数据，集换式卡牌游戏《Gods Unchained》中的 NFT 资产总市值达到 18 亿美元。基于 SEC 出乎意料的执法风格，在最初将数字艺术品归类为证券后，他们在“进入”游戏领域后也可能将基于 NFT 的游戏物品归类为证券，这似乎是合理的。

The rush to enforce against Immutable before the presidential election has led some to believe that this is evidence of the SEC under Gary Gensler being "on its last legs."

在总统选举之前急于对 Immutable 采取强制措施，让一些人相信，这证明了加里·詹斯勒 (Gary Gensler) 领导下的 SEC 已“走到最后”。

With only two and a half months left until the new president takes office on January 20, Gary Gensler may no longer serve as the chairman of the agency. On one hand, Republican candidate Trump, who has frequently signaled goodwill toward the crypto industry, has outright promised to remove Gensler on his first day in office (not discussing here whether he has the corresponding legal authority and feasibility); on the other hand, according to crypto media Unchained report, a close source from Harris's campaign team indicated in an interview that Harris's transition team is also reviewing potential successors.

距离新总统1月20日就职仅剩两个半月，加里·詹斯勒可能不再担任该机构主席。一方面，频频对加密行业释放善意的共和党候选人特朗普，在上任第一天就断然承诺将Gensler撤职（这里不讨论他是否具备相应的法律权限和可行性）；另一方面，据加密媒体 Unchained 报道，哈里斯竞选团队的知情人士在接受采访时表示，哈里斯的过渡团队也在审查潜在的继任者。

In summary, there is a high likelihood that Gary Gensler will be replaced in the new presidential administration, and related investigations may be completely abandoned. Austin Campbell, CEO of blockchain-based digital payment company WSPN, stated: "Leadership changes could have a significant impact on the ongoing investigations by the U.S. Securities and Exchange Commission." He added, "After such changes, investigations may be modified, reprioritized, or even abandoned."

综上所述，加里·詹斯勒很有可能在新一届总统政府中被替换，相关调查可能会被彻底放弃。基于区块链的数字支付公司 WSPN 首席执行官 Austin Campbell 表示：“领导层变动可能会对美国证券交易委员会正在进行的调查产生重大影响。”他补充说，“发生这些变化后，调查可能会被修改、重新确定优先顺序，甚至放弃。”

Regardless of whether the SEC's accusations will

无论 SEC 的指控是否会