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.

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 U.S. Securities and Exchange Commission (SEC) plans to withdraw its lawsuit against Coinbase, marking a significant shift in the regulation of the crypto industry. This move ends a prolonged legal battle and signifies a new cooperative approach to crypto regulation under the SEC's current Republican leadership.