In the latest reversal of the cantankerous policies of former United States Securities and Exchange Commission Chair Gary Gensler - who officials in the crypto industry complained had sought to regulate the industry to death through enforcement actions - the SEC has agreed to dismiss the lawsuit against centralized exchange firm Coinbase, accusing the company of operating as an unregistered securities broker.

According to an announcement from Coinbase, the lawsuit dismissal is still subject to approval by an SEC commissioner before it is officially withdrawn.

Dismissing the Coinbase lawsuit still requires a commission vote. The company expects that to happen next week, Paul Grewal, Coinbase's chief legal officer said.