SEC Closes Ondo Finance Probe Without Charges Amid Regulatory Shift
The U.S. Securities and Exchange Commission (SEC) has concluded its two-year investigation into Ondo Finance without bringing any charges. The probe, which focused on the tokenization of real-world assets and whether Ondo's ONDO token qualified as a security, began in 2024 and remained confidential until its recent closure.
Ondo disclosed the SEC's decision in a blog post, stating it fully cooperated throughout the inquiry. Ondo Finance is recognized as one of the earliest and largest platforms facilitating tokenized U.S. Treasuries and providing tokenized access to U.S. stocks. The platform saw rapid international adoption even amid the SEC's increased enforcement activity in the crypto sector.
This closure aligns with a broader regulatory policy recalibration under SEC Chair Paul Atkins, who has overseen the winding down of several high-profile crypto cases, including those involving Coinbase and Kraken, while endorsing a less aggressive enforcement stance. Meanwhile, the SEC continues to examine the role of tokenization in financial markets through its Investor Advisory Committee and is considering implementing an innovation exemption to support the development of tokenized assets.
Ondo Global Markets, launched in September 2025, offers tokenized access to over 100 U.S. stocks and ETFs for eligible non-U.S. investors. The platform operates on Ethereum and is expanding support to BNB Chain, Solana, and Ondo Chain. Its tokenized securities are backed one-to-one by the underlying assets held at U.S.-registered broker-dealers.
Further expanding its reach, in November 2025, Liechtenstein's Financial Market Authority (FMA) approved Ondo to offer tokenized stocks and ETFs across the European Economic Area under the Markets in Crypto-Assets regulation (MiCA), extending its services to 30 European countries.
