Coinbase Global Inc. said the Securities and Exchange Commission has agreed to drop its lawsuit that accused the largest US cryptocurrency trading platform of running an illegal exchange. The agreement is pending commissioner approval. Coinbase shares jumped in premarket trading on Friday, only to reverse course and decline 4% to $246.30 as of 12:45 p.m. in New York. Bitcoin was down about 1% on the day at around $97,000. The decision is the latest retreat from the policies of former SEC Chair Gary Gensler, who officials in the crypto industry complained had sought to regulate the industry through enforcement actions. Last week, the SEC filed a request to put a similar case against Binance on hold, citing the pending development of a regulatory framework for digital assets under President Donald Trump's crypto-friendly administration. The SEC complaint will be dismissed with prejudice, which means the agency can't refile it, Coinbase said in a statement.