A US court has ordered the Securities and Exchange Commission (SEC) to respond to allegations made by Coinbase within the next 10 days. The allegations relate to the SEC’s alleged refusal to provide clarity on its regulatory stance towards cryptocurrencies, causing uncertainty for market participants.

Coinbase, one of the world’s largest cryptocurrency exchanges, had filed a petition with the court in late April requesting that the SEC provide more information about its regulatory position. The company had argued that the lack of clarity from the SEC was causing harm to market participants and hindering innovation in the cryptocurrency industry.

In response to Coinbase’s petition, the court has ordered the SEC to provide a response within the next 10 days. The SEC has previously stated that it does not comment on ongoing litigation, and it is unclear what form its response will take.

The court’s decision is seen as a positive step for Coinbase and the wider cryptocurrency industry, which has been calling for greater regulatory clarity for some time. The lack of clear regulatory guidance has led to uncertainty and confusion for market participants and has hindered the growth and development of the industry.

Coinbase has been at the forefront of efforts to promote greater regulatory clarity for cryptocurrencies. The company has stated that it is committed to working with regulators to ensure that its products and services comply with applicable laws and regulations.

The court’s decision to order the SEC to respond to Coinbase’s allegations is a welcome development for the cryptocurrency industry, but it remains to be seen what impact it will have. If the SEC provides greater clarity on its regulatory stance, it could help to unlock new opportunities for innovation and growth in the industry.