"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.

Regulators have agreed to drop a lawsuit against Coinbase that sought to regulate the company as a stock exchange, marking the end of years of hard-line enforcement against the crypto market. Coinbase said Friday that enforcers at the Securities and Exchange Commission will recommend dismissal of the two-year-old lawsuit,

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.