Ondo Finance has filed a no-action request with the U.S. Securities and Exchange Commission seeking confirmation that recording certain securities entitlements on Ethereum Mainnet will not trigger enforcement action. The filing relates specifically to the company’s Ondo Global Markets (OGM) product, which gives non-U.S. investors exposure to U.S.-listed stocks and ETFs through tokenized notes. The SEC has not yet responded.
The Request Is Narrow: Ethereum as a Recordkeeping Rail, Not a New Asset Class
Ondo is not asking the SEC to rewrite securities law or approve tokenized securities broadly. The request is limited to one specific model: using Ethereum as an operational layer for collateral monitoring, redemption workflows and reconciliation for OGM products, while custody remains with BitGo and the legal entitlements remain within the existing broker-dealer framework.
As 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.” The company frames the on-chain layer as an operations upgrade, not a structural change to how investors hold securities.
What Are Real World Assets (RWA)?
A Yes From the SEC Would Set a Template for the Entire RWA Industry
A no-action letter does not create new regulation, but it does create documented confirmation that a specific model can proceed without waiting for formal rulemaking. If SEC staff approve Ondo’s approach, it would be the first formal signal that public, permissionless blockchain infrastructure can function within the U.S. securities recordkeeping system — giving every other tokenization firm a direct regulatory reference point.
The filing arrives five months after the SEC quietly closed a two-year investigation into Ondo in December 2025 without charges. The agency under chair Paul Atkins has since publicly backed tokenization as a capital markets innovation, and Ondo has already submitted a broader roadmap to the SEC’s Crypto Task Force urging the agency to formally permit public blockchains in tokenized securities markets.
OGM currently offers more than 200 tokenized U.S. stocks and ETFs on Solana alone, with total TVL across Ondo’s tokenized products surpassing $500 million and cumulative trading volume reaching approximately $9 billion. The platform has expanded across Ethereum, Solana and BNB Chain. The ONDO token is currently trading at $0.25, approximately 88% below its all-time high of $2.14, with platform TVL at $3.55 billion.
