Former US SEC official: There are risks in suddenly issuing Wells notice to Immutable

According to CoinGape, former U.S. SEC official Marc Fagel expressed concern about the SEC's recent Wells notice issued to Immutable, a Web3 gaming company based on Ethereum.

Marc Fagel stated that no communication or explanation was made before the issuance of the Wells notice, which is quite different from the usual broader investigation process. This practice could be "risky". Normally, companies need several months of interviews or exchanges before receiving a Wells notice.