On Monday, crypto exchange Kraken announced that the U.S. Securities and Exchange Commission (SEC) had decided to drop its lawsuit against the company, just months after the crypto exchange donated $1 million to President Donald Trump's inaugural committee.

The SEC has dismissed or paused several crypto-related cases in recent weeks, which Kraken sees as a “turning point” for U.S. crypto regulation.

Kraken, one of the world's largest cryptocurrency exchanges, said on Monday the U.S. Securities and Exchange Commission agreed in principle to dismiss a civil lawsuit accusing it of operating illegally as an unregistered securities exchange.