SEC employees have until March 21 to decide, according to a February 28 all-staff memo from the SEC's chief operating officer, Ken Johnson.

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 alongside other federal agencies has been looking at ways to cut staff and costs to meet demands from the Trump 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.

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 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.