Robinhood Markets said the Securities and Exchange Commission closed its investigation into its crypto unit and doesn’t intend to pursue enforcement action, the latest indication of the Trump administration’s support for the cryptocurrency space.

The U.S. Securities and Exchange Commission has ended its investigation into Robinhood Crypto saying it will not pursue further action with company officials adding it "never should have been opened."

Robinhood Markets Inc. said the US Securities and Exchange Commission closed an investigation into the firm’s cryptocurrency operations and isn’t pursuing any enforcement action.