Coinbase says the Securities and Exchange Commission has dismissed its case against the cryptocurrency platform, pending commission approval.

Shares rose 3% at the opening bell Friday, though the decision, not confirmed by the SEC, would not be unexpected. The Trump administration has projected a much more lenient stance on cryptocurrency markets.

The SEC declined to comment Friday.

The crypto industry spent heavily to help elect Trump and other crypto-friendly lawmakers and is eager to cement its influence in politics and mainstream financial systems.

In June 2023 Coinbase was targeted by U.S. regulators in a lawsuit that alleged it was operating as an unregistered securities platform and brokerage service.

In its complaint, the SEC said Coinbase made billions acting as the middle man for cryptocurrency buyers and sellers but did not give investors lawful protections while acting as a broker.

The commission had been seeking injunctive relief, disgorgement of ill-gotten gains plus interest, penalties, and other equitable relief.

On Friday Coinbase posted on the social media platform X, claiming the case was dismissed pending approval from the commission.

"But this isn't the end. It's the beginning," the post said. "And if there were ever a time to build--that time is now. Thank you to everyone who stood with us, and stood with crypto."

The crypto industry has scored some early wins since Trump took office, including the repeal of an accounting rule by the U.S. Securities and Exchange Commission and an executive order by the president directing a working group to study and propose changes to crypto regulations as well as the possible formation of a strategic government reserve of cryptocurrencies within 180 days.

The SEC did recently asked a federal court to pause ongoing litigation against Binance, the world's largest cryptocurrency exchange, because leadership is now rethinking previous enforcement actions.