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Nvidia to pay $5.5M as part of SEC case concerning ‘inadequate disclosures’ around crypto mining -Breaking

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Nvidia pays $5.5M to settle SEC’s case about ‘inadequate Disclosures’ regarding crypto mining

The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia (NASDAQ:) — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”

The SEC made a Friday announcement. that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. A $5.5 million penalty has been agreed by Nvidia and the company will now be subject to an order of cease-and-desist. This is due to the violations of Securities Act of 33 and the disclosures required under Securities Exchange Act of 34.