Ondo Finance has filed a complaint with the U.S. Securities and Exchange Commission seeking confirmation that recording rights to securities on the Ethereum mainnet will not trigger enforcement action. The filing comes less than five months after the SEC concluded a two-year, no-charge investigation into the company.
The request marks a major change in the relationship between one of the largest tokenized asset platforms and its regulators.
What Mr. Ondo is seeking confirmation from the SEC
The filing specifically relates to Ondo Global Markets, the company’s product that provides non-U.S. investors with exposure to U.S.-listed stocks and ETFs through tokenized notes. Ondo is not asking the SEC to reform securities laws or broadly approve tokenized securities.
The request is narrow in scope and is an acknowledgment that the SEC staff will not recommend enforcement action if the company moves forward with recording certain securities rights in tokenized form on the Ethereum mainnet held by administrator BitGo.
“The underlying securities will remain within the existing legal, custody and record-keeping framework, as will the official books and records.” Ondo wrote in the filing:
The actual purpose is operational. The on-chain layer supports cleaner collateral monitoring, more efficient creation and redemption workflows, and simpler coordination of OGM products. The core legal structure of the product remains the same.
Why is this application a precedent?
A no-action letter does not create new regulations. What this creates is a documented confirmation that certain limited models can proceed without waiting for a formal rulemaking process, and in doing so establishes a template for the broader RWA tokenization industry.
If the SEC staff approves the model, it would be the first formal regulatory confirmation that public blockchain infrastructure can function within the U.S. securities record-keeping system. All other tokenization companies operating in this space will have a direct reference point.
Under Chairman Paul Atkins, the SEC has moved away from the enforcement-first attitude of his predecessor. The agency concluded its investigation into Ondo in December 2025 and has since publicly supported tokenization as a capital markets innovation.
$ONDO today’s price
The token is trading at $0.25, up 2.83% in the past 24 hours, giving the platform TVL of $3.55 billion. $ONDO It remains 88% below its all-time high of $2.14.
The SEC has not yet responded to this application.
