The U.S. Securities and Exchange Commission is offering some employees $50,000 if they choose to resign or to retire under an early retirement program, according to an agency memo seen by Reuters. The SEC and other federal agencies have been looking at ways to cut staff and costs to meet demands from President Donald Trump's administration.

Following the recent trend of federal agencies laying off thousands of employees, the US Securities and Exchange Commission (SEC) has asked its employees to retire or resign. The SEC attached a $50K incentive for its employees in what the financial regulator is calling a “voluntary early retirement” program.

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.

Kraken said the US Securities and Exchange Commission has agreed in principle to drop its lawsuit against the cryptocurrency exchange, the latest in a series of dismissals of legal actions against crypto companies by the market regulator.