Former SEC official: Concerned about SEC's recent Wells notice to Immutable

former US SEC official Marc Fagel expressed concern about the agency's recent Wells Notice to Ethereum Web3 game company Immutable. Immutable stated that this was issued without prior communication or limited explanation and did not comply with the usual wider investigation procedures.

Earlier reports stated that on November 1st, Immutable stated that the company received a Wells Notice from the US SEC last month and may face enforcement action. The regulatory agency also sent a letter to the company's CEO James Ferguson and the Digital Worlds Foundation, which helped issue the IMX token for Immutable, detailing the alleged violations of securities laws.