"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.

Cryptocurrency exchange Coinbase has claimed that the US Securities and Exchange Commission (SEC) plans to drop a lawsuit against the firm. The US regulator alleged in 2023 that Coinbase had violated laws by offering investments that are subject to its rules, without properly registering.

If approved, the deal would cap a nearly two-year-long legal battle between America’s largest crypto exchange and the SEC, which had been a marquee case in the federal government’s now-crumbling crackdown on crypto.