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cointelegraph.com Mar 25, 2025 20:00

SEC closes investigation into Immutable nearly 5 months after Wells notice - Web3 gaming platform Immutable says the US Securities and Exchange Commission has closed its investigation into the company, clearing it of any further action. Immutable — the firm behind the Ethereum layer-2 ImmutableX — said in a March 25 statement that the SEC shut its inquiry into the firm without finding wrongdoing and “closes the loop on the Wells notice issued by the SEC last year.”In November, Immutable said it received a Wells notice from the regulator — a letter informing that the SEC is considering an enforcement action, typically sent after it concludes there is evidence of possible securities law violations.“We are pleased the SEC has concluded its inquiry. This marks a significant milestone for the crypto industry and gaming as we advance towards a future with regulatory clarity,” Immutable president and co-founder Robbie Ferguson said in a statement.An Immutable spokesperson told Cointelegraph that the SEC sent it a letter of termination that didn’t explain why it had concluded its probe. The spokesperson said the letter was unprompted and that the SEC’s review of information Immutable had sent “appears to have resulted in them closing the investigation.”Immutable said in a November blog post that it believed the SEC was targeting the 2021 “listing and private sales” of its self-titled Immutable (IMX) token.Immutable’s X post after receiving a Wells notice in November 2024. Source: Immutable The company said it had a 10-minute call with the SEC after it had issued the notice where it alleged a 2021 Immutable blog post stating a pre-launch investment made in the IMX token at a price of $0.10, which was issued at a “$10 pre-100:1 split,” was inaccurate and implied there was no exchange of value between the parties.At the time, Immutable said it was “confident in its position” and would fight the regulator’s claims.The SEC has dropped many pending and in progress enforcement actions against crypto companies under President Donald Trump, whose administration has worked to defang the agency to make good on his promise to alleviate the crypto industry from regulatory action.Last month, the SEC stopped its investigations into non-fungible token marketplace OpenSea, trading platform Robinhood, decentralized exchange developer Uniswap Labs and crypto exchange Gemini.Related: Will new US SEC rules bring crypto companies onshore?The regulator has also dropped a slew of its high-profile lawsuits against crypto firms, including those against Ripple Labs, Coinbase and Kraken.Despite the SEC backing off from Immutable, the Manhattan-based Rosen Law Firm has cited the Wells notice in trying to spin up a securities class-action lawsuit against the firm over its IMX token offering, which Immutable’s spokesperson said it’s “not concerned about.”In its statement, Immutable said that major triple AAA gaming studios “have previously cited legal and compliance risks as key barriers to entry” into the Web3 gaming space.“However, with a clear regulatory framework on the horizon, this is expected to unlock further investment and opportunities to tokenize the now more than $100 billion market for in-game purchases,” it added.Web3 Gamer: Classic Sega, Atari and Nintendo games get crypto makeovers

FOMO: 90%
cointelegraph.com Mar 25, 2025 19:37

3 reasons why Cardano (ADA) price could be on the path to new highs - Cardano (ADA) gained 8% between March 23 and March 25, once again testing the $0.76 resistance level, which has held for over two weeks. Although still far from its March 3 high of $1.18, traders remain optimistic about further gains. Their confidence is driven by the ongoing efforts of founder and CEO Charles Hoskinson to highlight the network’s advantages and ADA’s potential to industry leaders, particularly within traditional finance markets.The ADA price surge on March 3 was triggered by US President Donald Trump, who explicitly mentioned Ether (ETH), XRP (XRP), and Cardano on his official social media accounts as leading candidates for the US Digital Asset reserves. However, the Digital Asset Stockpile executive order signed by Trump on March 7 did not include plans to purchase any altcoins, despite his earlier claims.Trump Jr. and Charles Hoskinson will attend DC Blockchain Summit 2025A fresh wave of bullish speculation for ADA emerged after Donald Trump Jr. was announced as a speaker at the DC Blockchain Summit 2025, a panel moderated by Cardano founder Charles Hoskinson. The two-day event in Washington, D.C., will feature several prominent speakers, including Wyoming Governor Mark Gordon, Majority Whip Tom Emmer, Senator Ted Cruz, Senator Cynthia Lummis, and Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets.DC Blockchain Summit 2025 agenda. Source: dcblockchainsummitTrump Jr. is scheduled to speak on March 26 alongside three co-founders of World Liberty Financial, a crypto venture backed by US President Donald Trump. Launched in September 2024, the company has conducted two public token sales, raising a total of $550 million. More recently, on March 24, the project introduced a dollar-pegged stablecoin on Ethereum and BNB Chain, though it is not yet tradable.A significant portion of ADA’s recent gains is likely driven by speculation about a potential collaboration with World Liberty Financial, similar to the $30 million investment from Tron founder Justin Sun or Web3Port platform’s $10 million investment. However, some analysts, including 6MV managing partner Mike Dudas, have criticized Trump’s crypto venture, calling it a “pay-to-play” scheme rather than a true decentralized finance (DeFi) gateway.The potential listing of World Liberty Financial’s USD1 stablecoin on Cardano could be a game changer for the blockchain, generating significant hype around Charles Hoskinson sharing the stage with their representatives. Additionally, despite its relatively low total value locked (TVL) and onchain activity, the Cardano network has outperformed some of its competitors during testing.US digital stockpile and Cardano’s DeFi yield could boost demand for ADAImprovements within Cardano’s DeFi ecosystem and the opportunity to capture outsized yields could also benefit ADA price. Hydra, a layer-2 scalability solution on Cardano, has achieved nearly 1 million transactions per second while running a game. Some users have pointed out that no transactions have ever failed on the Cardano base layer, setting it apart from networks like Solana, which claim scalability but have faced issues.Source: TapToolsCiting data from Dune Analytics, TapTools reported a 40% failure rate on Solana transactions in the 30 days leading into March 17. In contrast, the post claims that “every transaction is validated before hitting the chain” on Cardano’s “eUTXO model.” Despite this criticism, user grekos99 argued on the X social network that most failed transactions on Solana are “typically transactions which are not fully executed because some conditions were not met, for example, slippage.”Related: Trump Media looks to partner with Crypto.com to launch ETFsRegardless of perceptions of Cardano’s unique validation and scalability processes, some of its DeFi applications show potential. For example, Indigo, a non-custodial synthetic asset protocol on Cardano, is currently offering a 28% yield on its stablecoin and 20% on Bitcoin-wrapped deposits. However, part of the difference can be explained by returns being paid in INDY tokens, making them less appealing compared to some of its competitors.The path for ADA to reclaim levels above $1 heavily depends on the Cardano Foundation and Charles Hoskinson’s ability to guide the network’s governance and support for use cases that align with its scalability and decentralization goals. Other catalysts include potential developments in the US government’s Digital Asset stockpile and inflows into Cardano’s DeFi applications, which are currently offering higher yields than most competitors.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

FOMO: 88%