"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 SEC has agreed to pause its lawsuit against Binance, but experts are split on whether it means the end of the agency's crypto crackdown.