{"id":64216,"date":"2022-05-08T09:02:29","date_gmt":"2022-05-08T09:02:29","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=64216"},"modified":"2022-05-08T09:02:29","modified_gmt":"2022-05-08T09:02:29","slug":"sec-fines-nvidia-5-5-million-for-failing-to-disclose-crypto-mining-significantly-boosted-its-revenue","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=64216","title":{"rendered":"SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its Revenue"},"content":{"rendered":"

\"SEC<\/p>\n

The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty.<\/strong><\/p>\n

Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth<\/h2>\n

The U.S. Securities and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday \u201cfor inadequate disclosures concerning the impact of cryptomining on the company\u2019s gaming business.\u201d<\/p>\n

The securities watchdog explained that during consecutive quarters in Nvidia\u2019s fiscal year 2018:<\/p>\n

\n

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.<\/p>\n<\/blockquote>\n

As demand for and interest in cryptocurrency rose in 2017, Nvidia customers increasingly used gaming GPUs for crypto mining, the SEC noted.<\/p>\n

The securities regulator explained that Nvidia was aware that the revenue increase stemmed from crypto mining but did not disclose it on Forms 10-Q as required to do.<\/p>\n

Kristina Littman, chief of the SEC Enforcement Division\u2019s Crypto Assets and Cyber Unit, commented:<\/p>\n

\n

Nvidia\u2019s disclosure failures deprived investors of critical information to evaluate the company\u2019s business in a key market.<\/p>\n<\/blockquote>\n

Without admitting or denying the SEC\u2019s findings, Nvidia agreed to a cease-and-desist order and to pay a $5.5 million penalty.<\/p>\n

Earlier this week, the securities regulator said that it has nearly doubled<\/a> the size of its enforcement division focusing on crypto. Several lawmakers and an SEC commissioner have heavily criticized<\/a> SEC Chairman Gary Gensler for focusing on crypto enforcement instead of providing clearer regulation.<\/p>\n

What do you think about the SEC charging Nvidia for failing to disclose the impact of crypto mining on its revenue? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty. Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth The U.S. Securities […]<\/p>\n","protected":false},"author":2,"featured_media":64217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-64216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/64216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64216"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/64216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/64217"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}