According to Cointelegraph, the United States Department of Justice and the Securities and Exchange Commission have recommended that the Supreme Court approve an investor class-action lawsuit against Nvidia. The lawsuit, which has been ongoing since 2018, alleges that Nvidia misrepresented its sales to cryptocurrency miners. In an amicus brief filed on October 2, US Solicitor General Elizabeth Prelogar and SEC senior lawyer Theodore Weiman argued that the case contains sufficient details to survive a district court dismissal and should be revived in an appeals court.
In other news, the European Union announced on September 30 that it is developing the first 'General-Purpose AI Code of Practice' for artificial intelligence models under its AI Act. The initiative, led by the European AI Office, aims to bring together hundreds of global experts from academia, industry, and civil society to collaborate on the framework. The draft addresses crucial AI-related issues such as transparency, risk assessment, internal governance, and copyright concerns. The final version of the Code of Practice for AI is expected to be concluded in April 2025, following a plenary session involving nearly 1,000 participants.
Additionally, Ripple Labs CEO Brad Garlinghouse has vowed to continue fighting the SEC in court after the regulator announced plans to appeal a district court decision in its case against the crypto firm. In a public statement, Garlinghouse criticized the SEC, asserting that the regulator has 'lost on everything that matters' and should have moved on from the case. He emphasized that XRP's status as a non-security is currently the law of the land and argued that this will not change despite the SEC's appeal.
Meanwhile, a US federal appeals court has approved Kalshi, a derivatives exchange, to list event contracts tied to US election outcomes, despite opposition from regulators. The ruling by the US Court of Appeals for the District of Columbia Circuit on October 2 sets a precedent for election prediction markets to operate within the US. This decision has potential implications for platforms like the crypto-related prediction market Polymarket, where over $1 billion in bets was riding on the outcome of November's US presidential elections as of October 2.
