The Securities and Exchange Commission has followed through with its agreement and voluntarily dismissed its lawsuit against crypto exchange Coinbase, per a court filing Thursday.

"The Commission’s decision to exercise its discretion and dismiss this pending enforcement action rests on its judgment that the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry, not on any assessment of the merits of the claims alleged in the action," the SEC wrote in a statement.

Last Friday, Coinbase announced that the SEC had agreed to end the case, pending commissioner approval.

Editor's note: This story is breaking and will be updated with additional details.

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