"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 largest U.S.-based cryptocurrency exchange said Friday the Securities and Exchange Commission would drop its lawsuit against them, a signal to the broader crypto industry that the Trump administration plans to take a friendlier approach to it.