Ondo Finance seeks SEC no-action confirmation to record securities entitlements on Ethereum Mainnet for Ondo Global Markets

Ondo Finance has filed a no-action request with the US Securities and Exchange Commission seeking confirmation that recording securities entitlements on the Ethereum Mainnet will not trigger enforcement action—arriving less than five months after the SEC closed a two-year investigation into the company without charges.

What Ondo Is Asking the SEC to Confirm

The request relates specifically to Ondo Global Markets (OGM), the company’s product that provides 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.

Instead, the request is narrow: confirmation that SEC staff would not recommend enforcement action if Ondo proceeds with recording certain securities entitlements in tokenized form on Ethereum Mainnet, held by custodian BitGo.

Ondo wrote in its filing: “The underlying securities would remain inside the existing legal, custody, and recordkeeping framework, and the official books and records would remain there as well.”

Operational Purpose of the On-Chain Recording

Ondo said 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.

Why the Filing Could Matter for Tokenization

A no-action letter does not create new regulation. What it provides is documented confirmation that a specific, bounded model can proceed without waiting for formal rulemaking—and, in doing so, can serve as a reference point for the broader real-world assets (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, according to the filing’s framing.

Regulatory Context

The filing also comes amid a shift in the SEC’s approach. The SEC closed its investigation into Ondo in December 2025 and has since publicly backed tokenization as a capital markets innovation. The article notes that SEC chair Paul Atkins has moved away from an enforcement-first posture associated with his predecessor.

Market Snapshot

ONDO is trading at $0.25, up 2.83% over the past 24 hours. The platform’s total value locked (TVL) is reported at $3.55 billion. ONDO remains 88% below its all-time high of $2.14.