"This is not about how the litigation was going, this is about the Trump administration not wanting to go after crypto," a source told BI.

The Securities and Exchange Commission has agreed to drop its lawsuit against Coinbase, following what the crypto exchange said was a change in “political leadership” at the agency, which accused Coinbase of failing to register as a securities exchange under the Biden administration.

The end of a court fight with the largest U.S. crypto company would be a big win for an industry that financially backed President Trump.