Ondo Finance has filed a no-action request with the US Securities and Trade Fee looking for affirmation that recording securities entitlements on Ethereum Mainnet won’t set off enforcement motion – a submitting that arrives lower than 5 months after the SEC closed a two-year investigation into the corporate with out prices.
The request marks a major shift within the relationship between one of many largest tokenized asset platforms and its regulator.
What Ondo Is Asking the SEC to Affirm
The submitting relates particularly to Ondo World Markets, the corporate’s product that provides non-US buyers publicity to US-listed shares and ETFs by tokenized notes. Ondo isn’t asking the SEC to rewrite securities regulation or approve tokenized securities broadly.
The request is slender: affirmation that SEC employees wouldn’t advocate enforcement motion if the corporate proceeds with recording sure securities entitlements in tokenized kind on Ethereum Mainnet, held by custodian BitGo.
“The underlying securities would stay inside the prevailing authorized, custody, and recordkeeping framework, and the official books and data would stay there as nicely,” Ondo wrote in its submitting.
The sensible objective is operational. The on-chain layer would help cleaner collateral monitoring, extra environment friendly creation-and-redemption workflows and less complicated reconciliation for OGM merchandise. The core authorized construction of the product doesn’t change.
Why the Submitting Units a Precedent
A no-action letter doesn’t create new regulation. What it creates is documented affirmation {that a} particular, bounded mannequin can proceed with out ready for a proper rulemaking course of – and in doing so, establishes a template for the broader RWA tokenization trade.
If SEC employees approve the mannequin, it might signify the primary formal regulatory affirmation that public blockchain infrastructure can operate inside the US securities recordkeeping system. Each different tokenization agency working on this area would have a direct reference level.
The SEC underneath chair Paul Atkins has moved away from the enforcement-first posture of his predecessor. The company closed its investigation into Ondo in December 2025, and has since publicly backed tokenization as a capital markets innovation.
$ONDO Value At the moment
The token is buying and selling at $0.25, up 2.83% over the previous 24 hours, with platform TVL at $3.55 billion. $ONDO stays 88% beneath its all-time excessive of $2.14.
The SEC has not but responded to the submitting.
