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.

KEY TAKEAWAYS Coinbase shares ticked higher in early trading after the cryptocurrency exchange said that the SEC is recommending the dismissal of a two-year lawsuit against it.The SEC sued Coinbase during the Biden administration for operating an unregistered securities exchange and offering an unregistered security to the public via their

Coinbase said on Friday the U.S. securities regulator planned to withdraw its lawsuit against the crypto exchange, ending a contentious years-long legal battle once considered existential for the trading platform and the broader sector.

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 said Friday that the Securities and Exchange Commission has agreed in principle to drop a federal lawsuit that charged the company with illegally selling securities.