Ondo Finance has submitted a no-action request to the US Securities and Exchange Commission (SEC), seeking assurance that recording securities entitlements on the Ethereum Mainnet will not lead to enforcement actions. This request comes less than five months after the SEC concluded a two-year investigation into Ondo without filing any charges.
This move signifies a notable change in how one of the largest platforms for tokenized assets interacts with its regulatory body.
Details of Ondo’s Request to the SEC
The submission pertains specifically to Ondo Global Markets, which offers non-US investors access to US-listed stocks and ETFs via tokenized notes. Importantly, Ondo is not requesting any changes to existing securities laws or broad approval for tokenized securities.
The focus of this request is quite specific: it seeks confirmation that SEC staff would refrain from recommending enforcement action if Ondo proceeds with recording certain securities entitlements in a tokenized format on Ethereum Mainnet, managed by custodian BitGo.
“The underlying securities would remain within the established legal framework for custody and recordkeeping, ensuring that official records are maintained accordingly,” stated Ondo in its filing.
The practical implications are operationally significant. The integration of an on-chain layer would facilitate improved collateral monitoring, streamline creation-and-redemption processes, and simplify reconciliation tasks for OGM products while maintaining the core legal structure intact.
Significance of This Filing as a Precedent
A no-action letter does not introduce new regulations; rather, it provides documented assurance that a specific model can proceed without awaiting formal rulemaking processes. In doing so, it sets a precedent for broader Real World Asset (RWA) tokenization efforts across the industry.
If approved by SEC staff, this model could represent pioneering regulatory acknowledgment that public blockchain infrastructure can operate within the framework of US securities recordkeeping systems. Other firms engaged in similar endeavors would then have an essential reference point moving forward.
Under Chair Paul Atkins’ leadership, the SEC has shifted away from an enforcement-centric approach seen under previous administrations. The agency wrapped up its investigation into Ondo in December 2025 and has since expressed support for capital market innovations like tokenization.
$ONDO Current Price
The current trading price of $ONDO stands at $0.25—an increase of 2.83% over the last 24 hours—with total value locked (TVL) on its platform reaching $3.55 billion. However, $ONDO‘s value remains approximately 88% lower than its peak price of $2.14 achieved previously.
No response from the SEC regarding this filing has been issued yet.