The Immutable Group announced in a blog post on Friday that the U.S. Securities and Exchange Commission issued it a Wells notice over the listing and private sales of IMX tokens, becoming the first known instance of the federal agency issuing a threat against a crypto gaming firm and within days of the U.S. election.

In the blog post, Immutable argued that for the SEC to "manufacture a case" on a 2021 listing without communicating with the company's counsel before the issuance of the Wells notice "is precisely the reason the industry is so skeptical of any attempts from this SEC to argue it is attempting to provide clarity."