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.

"And after millions in legal costs and fees, countless employee hours, and years of protracted litigation, we have successfully protected our customers’ rights, and held the SEC accountable," Coinbase said Friday.

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.