US Securities and Exchange Commission (SEC)Penalized tech giant Nvidia for not disclosing enough details about how crypto mining directly affects the company’s revenue stream.
In a recent statement, the SEC stated that it did not provide sufficient explanation of how much revenue Nvidia generated in fiscal 2018 by selling graphics processing units (GPUs), which are also used in crypto mining and are often used for computer gaming.
“The SEC’s order, NVIDIAIt found that .
NVIDIA noted that the gaming side helped record significant growth in revenue in two tax forms for fiscal 2018. However, NVIDIA had the knowledge that this increase in game sales was largely due to crypto mining.”
According to the SEC, Nvidia claims that growth in the gaming industry is organic and not related to increased demand in crypto assets. According to the statement, Nvidia violated the Securities Act of 1933 and the Securities Exchange Act of 1934. The firm agreed to pay a stop order and a $5.5 million fine.
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