Marc Fagel, a former US SEC official, has raised concerns about the agency's recent Wells Notice to Ethereum Web3 gaming company Immutable, which Immutable said was issued without prior communication or limited explanation and did not comply with the usual broader investigative procedures. Previously reported, on November 1, Immutable said that the company received a Wells notice from the US SEC last month and may face enforcement action. The regulator also sent a letter to the company's CEO James Ferguson and the Digital Worlds Foundation, which helped issue Immutable's IMX token, detailing the alleged violations of securities laws.