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Nvidia settles $5.5M fine with SEC over crypto deal

 


The US Securities and Exchange Commission has announced that it has reached an agreement in its lawsuit against the market-leading video chip manufacturer Nvidia. The chipmaker was accused of making false statements regarding the sale of graphics processors for use in crypto mining.


According to a related announcement on Friday, Nvidia failed to properly state that "a majority of its revenue growth" in fiscal 2018 came from selling graphics cards (GPUs) to mine cryptocurrencies. As part of the settlement, the company has now agreed to pay a $5.5 million penalty and to sign a cease-and-desist letter to cease further violations of U.S. securities laws.


According to the SEC lawsuit, Nvidia attributed most of its 2018 revenue growth to gaming, but it also cited increasing demand from crypto mining as a driving factor. However, since the latter is a “volatile business area”, the demand for crypto mining should have been explicitly reported. Nvidia failed to do this at the time and, according to the SEC, deceived its own investors.

"Nvidia's failure to disclose this data deprived investors of critical information needed to accurately assess the company's operations in a key market," said Kristina Littman, the SEC's crypto division chief. She adds: "All companies involved in this sector, even those that only take advantage of the business opportunities arising from the innovative technology, must report the necessary data promptly, completely and truthfully."

While Nvidia has agreed to an agreement with the SEC in the criminal proceedings, the video chip manufacturer was previously able to record success in a similar process. In March 2021, for example, an American federal judge ruled in civil proceedings that Nvidia had not acted “grossly negligent” towards its own investors by not quantifying the growth in sales from the crypto business in 2017 and 2018.

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