Ondo Finance Files SEC No-Action Request to Bring Tokenized Securities to Ethereum Mainnet

Ondo Finance has submitted a no-action letter request to the U.S. Securities and Exchange Commission (SEC) regarding its Ondo Global Markets (OGM) platform.

The filing seeks confirmation that SEC staff would not recommend enforcement action for a specific operating model. Under the model, certain securities entitlements would be recorded in tokenized form on the Ethereum Mainnet.

Ondo said the structure is intended to improve operational processes without altering existing legal protections for investors.

A narrow request with a practical purpose

Ondo’s no-action request does not ask the SEC to rewrite securities law, and it does not seek approval for all forms of tokenized securities. Instead, the company is asking for clearance on one specific and bounded model.

Under this approach, OGM products would remain tokenized notes for non-U.S. investors. These notes are designed to provide exposure to U.S.-listed stocks and exchange-traded funds (ETFs) through existing custody and recordkeeping frameworks.

Ondo stated that the underlying securities would remain within the current legal structure and that official books and records would remain unchanged. The addition is that certain securities entitlements would also appear in tokenized form on the Ethereum Mainnet.

BitGo, acting as custodian, would hold these tokenized representations to support recordkeeping and operational workflows.

Ondo outlined three benefits it expects from the approach: cleaner collateral monitoring, more efficient creation-and-redemption processes, and simpler reconciliation across the OGM product stack. The company described the goal as improving an existing product rather than building an entirely new system.

Why Ethereum Mainnet and why now

Ondo chose the Ethereum Mainnet for practical reasons, stating that OGM already operates within Ethereum and Ethereum-compatible environments. The company said using the same blockchain rail reduces friction and helps keep the broader system coherent.

Ondo also noted that a no-action position from SEC staff does not create new rules or legal precedent. However, it can provide room for a specific model to move forward before a longer rulemaking process concludes.

The company said regulatory clarity is particularly important because numerous established market participants are involved. It added that even when the legal case is strong, a no-action submission can be the right step before adopting a new operating model.

Ondo characterized the tokenized layer as a recordkeeping innovation rather than a structural overhaul, and said it looks forward to a thoughtful SEC review as part of the broader conversation about how public blockchain fits into regulated markets.