U.S. SEC charges Nvidia with ‘inadequate disclosures’ about impact of cryptomining
2022.05.06 17:01
FILE PHOTO: The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. REUTERS/Robert Galbraith/File Photo
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission said Friday it had settled charges against technology company Nvidia (NASDAQ:NVDA) Corporation for what it called “inadequate disclosures” concerning the impact of cryptomining on the company’s gaming business.
“The SEC’s order finds that, during consecutive quarters in NVIDIA’s fiscal year 2018, the company failed to disclose that cryptomining was a significant element of its material revenue growth from the sale of its graphics processing units (GPUs) designed and marketed for gaming,” the SEC said in a statement.
Cryptomining is the process of obtaining crypto rewards in exchange for verifying crypto transactions on distributed ledgers, according to the SEC website.
