"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.

CEO Brian Armstrong announced that the US Securities and Exchange Commission (SEC) intends to drop its lawsuit against the cryptocurrency exchange on Friday. Bitwise senior crypto research analyst Ryan Rasmussen joins Asking for a Trend with Julie Hyman to discuss what the SEC dropping the case against Coinbase means for the crypto space and what it signals about the US President Donald Trump's second administration's approach to crypto regulation.