The price of Bitcoin 
$104,964 has recently fallen below $70,000 and continues to remain under this critical level. The price dropped to $69,685, influenced by sales in the U.S. markets. However, some altcoins experienced even greater losses, with IMX Coin being one of the most affected.
IMX Coin SEC Lawsuit
A few moments ago, a signal indicated that the SEC‘s battle in the crypto space will intensify. The IMX price decreased by 10% because the SEC issued a Wells notice regarding the token. This notice is a warning that the SEC is preparing to file a lawsuit, as seasoned market participants understand. The token’s price dropped to $1.22.
The company announced that a lawsuit would be filed against Immutable’s “primary organization,” Digital Worlds Foundation, as well as CEO James Ferguson, for violating securities laws. A company spokesperson stated:
“Despite the SEC’s broad claims that tokens in the industry are securities, we are confident that the IMX token is not a security. The notice only referenced legal provisions without providing details.”
A spokesperson from Immutable accused the SEC of hastily issuing Wells notices to crypto companies, especially with the likelihood of changes in the current administration after the elections.
