Longman Dictionary of Contemporary English
Douglas Harper's Etymology Dictionary
Wiktionary
vb. 1 To attempt to persuade without being obvious about it, by understate a position so the listener takes the good points as obvious. 2 To tone down, damp, mute or obscure something; to proceed in a less forceful, circumspect or subdued manner.
WordNet
v. play down or obscure; "His advisers soft-pedaled the president's blunder"
[also: soft-pedalling, soft-pedalled]
Usage examples of "soft-pedal".
Hitherto, the newspapers had soft-pedaled mention of the club in connection with the deaths of Orvill and Laverock, and the mystery of the missing murderer, Secane.
Hebert for dechristianization, even though the latter had tactically decided to soft-pedal the cause for a while.
The antisemitic motif is very strong, though usually soft-pedalled in print.
We told them all the victims were Negroes and promised them passes to the Chavez Ravine evictions if they soft-pedaled the story.