Coinbase has announced that the SEC under President Trump has put an end to legal actions regarding an allegation that the company ran an unregistered security exchange. The commission still has to put it to a vote.

Donald Trump has leaned into his unofficial role as the “crypto president” in ways that can both help the crypto industry and enrich himself and his family.

The SEC is abandoning cases and shaping new rules for the industry, reflecting the Trump administration’s more crypto-friendly approach.

The SEC has moved quickly to overhaul its approach to policing the crypto sector under Republican leadership since President Donald Trump took office.

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.

Coinbase chief executive Brian Armstrong said the potential dismissal of the lawsuit would be "hugely vindicating". Cryptocurrency exchange Coinbase has claimed that the US Securities and Exchange Commission (SEC) plans to drop a lawsuit against the firm.