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The Securities and Exchange Commission is scaling back its cryptocurrency enforcement unit.

The Securities and Exchange Commission has agreed to dismiss its case against cryptocurrency exchange platform Coinbase, signaling a shift toward federal deregulation and a key victory for the crypto industry since President Trump took office.

After Trump nominated crypto advocate Paul Atkins to chair the Securities and Exchange Commission, the agency that oversees the industry, Bitcoin prices soared to over $100,000 for the first time.

For more than a hundred years, Congress has enacted laws that create independent agencies, like the Federal Reserve to regulate the money supply and the Securities and Exchange Commission to regulate Wall Street.

Some of the financial products, such as bitcoin ETFs, need approval from the Securities and Exchange Commission before they can be created, listed and traded.