Ondo Finance has filed a no-action request with the US Securities and Exchange Commission seeking confirmation that recording securities entitlements on Ethereum Mainnet will not trigger enforcement action – a filing that arrives less than five months after the SEC closed a two-year investigation into the company without charges.
The request marks a significant shift in the relationship between one of the largest tokenized asset platforms and its regulator.
The filing relates specifically to Ondo Global Markets, the company’s product that gives non-US investors exposure to US-listed stocks and ETFs through tokenized notes. Ondo is not asking the SEC to rewrite securities law or approve tokenized securities broadly.
The request is narrow: confirmation that SEC staff would not recommend enforcement action if the company proceeds with recording certain securities entitlements in tokenized form on Ethereum Mainnet, held by custodian BitGo.
“The underlying securities would remain inside the existing legal, custody, and recordkeeping framework, and the official books and records would remain there as well,” Ondo wrote in its filing.
The practical purpose is operational. The on-chain layer would support cleaner collateral monitoring, more efficient creation-and-redemption workflows and simpler reconciliation for OGM products. The core legal structure of the product does not change.
A no-action letter does not create new regulation. What it creates is documented confirmation that a specific, bounded model can proceed without waiting for a formal rulemaking process – and in doing so, establishes a template for the broader RWA tokenization industry.
If SEC staff approve the model, it would represent the first formal regulatory confirmation that public blockchain infrastructure can function within the US securities recordkeeping system. Every other tokenization firm operating in this space would have a direct reference point.
The SEC under chair Paul Atkins has moved away from the enforcement-first posture of his predecessor. The agency closed its investigation into Ondo in December 2025, and has since publicly backed tokenization as a capital markets innovation.
The token is trading at $0.25, up 2.83% over the past 24 hours, with platform TVL at $3.55 billion. ONDO remains 88% below its all-time high of $2.14.
The SEC has not yet responded to the filing.
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