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.

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.