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Nvidia faces renewed scrutiny over alleged misrepresentation in crypto mining-related sales, with the US DOJ and SEC backing the case.
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The United States Department of Justice and the Securities and Exchange Commission told the Supreme Court that an investor class-action lawsuit against Nvidia should be approved.
The lawsuit alleges that the tech company misrepresented its sales to crypto miners, a legal battle between Nvidia and the investor group that has been ongoing since 2018.
In an Oct. 2 amicus brief, US Solicitor General Elizabeth Prelogar and SEC senior lawyer Theodore Weiman argued that the Supreme Court should greenlight the case.
Weiman noted in the amicus brief that there were “sufficient details” in the case to survive a district court dismissal and that it should be revived in an appeals court.
Europe gathers global experts to draft “Code of Practice” for AI
On Sept. 30, the European Union announced it was developing the first “General-Purpose AI Code of Practice” for artificial intelligence models under its AI Act.
The European AI Office-led initiative aims to unite hundreds of global experts from academia, industry and civil society to cooperate on the framework.
The draft’s framework addresses crucial AI-related issues, including transparency, risk assessment, internal governance and copyright concerns.
The final version of the Code of Practice for AI will be concluded in April 2025, kicked off by a plenary of almost 1,000 participants to begin the long process for its establishment.
Ripple CEO on SEC appeal: “We’ll fight in court for as long as we need”
Brad Garlinghouse, CEO of Ripple Labs, has vowed to fight the SEC in court after the regulator said it would appeal a district court decision on its case against the crypto firm.
Garlinghouse wrote in an X post that the firm would “fight in court for as long as we need,” adding that the SEC has “lost on everything that matters” in the case.
In the public statement, Garlinghouse criticized the SEC, noting that if Chair Gary Gensler and the SEC “were rational,” they should have “moved on from the case long ago.”
The Ripple Labs CEO also said that XRP’s status “as a non-security is the law of the land today,” arguing that it will not change despite the SEC’s attempted appeal to the court.
US appeals court greenlights election prediction markets
A US federal appeals court has greenlit Kalshi, a derivatives exchange, despite opposition from regulators to prevent listing event contracts tied to US election outcomes.
The ruling set a precedent for election prediction markets to operate within the US, with potential implications for platforms like crypto-related prediction market Polymarket.
On Oct. 2, the US Court of Appeals for the District of Columbia Circuit ruled against the Commodity Futures Trading Commission, preventing the commission from hindering Kalshi’s initiative.
According to the statistics on November’s US presidential elections on Polymarket, over $1 billion in bets was riding on the outcome as of Oct. 2.
This article first appeared at Cointelegraph.com News
