Nvidia Must Pay $5.5 Million SEC Fine for Crypto ‘Incomplete Disclosure’

Nvidia Corporation has agreed to pay $5.5 million (about Rs 42.

During the contiguous quarters of fiscal 2018, Nvidia did not disclose that mining was a “significant factor” in its revenue growth from the sale of chips designed for gaming, the SEC said. in a statement and charge order.

The company, which neither acknowledged or denied the SEC’s findings, agreed to pay a civil penalty of $5.5 million (approximately Rs. 42 crore). A spokesperson for Santa Clara, California-based Nvidia declined to comment.

In 2018, Nvidia chips became popular for cryptocurrency mining, the process of receiving cryptocurrency rewards in exchange for verifying transactions on a distributed ledger, the SEC said. The regulator alleges that Nvidia knew that information but did not share it with investors.

Those omissions misled investors and analysts who were interested in understanding the impact of cryptocurrencies on Nvidia’s business, the SEC said.

© Thomson Reuters 2022

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