The U.S. Securities and Exchange Commission (SEC) has formally closed its multi-year investigation into Ondo Finance without filing any charges. This decision marks a significant turning point for the real-world asset (RWA) tokenization platform. Ondo announced the news earlier this week, revealing that the confidential inquiry launched during the Biden administration has officially ended with no enforcement action.
The investigation began during a period of heightened regulatory scrutiny of cryptocurrency firms. Regulators examined whether Ondo’s tokenization of U.S. Treasuries and public equity-backed assets complied with securities rules. They also investigated if the ONDO token itself could be classified as a security under federal law. Throughout the process, Ondo maintained full cooperation with authorities while continuing to build its platform.
A major win for tokenization.
— Ondo Finance (@OndoFinance) December 8, 2025
Today, @CNBC highlighted Ondo’s “important milestone for the entire tokenization ecosystem.”
The industry now has a clear path to bring trillions onchain. pic.twitter.com/LCY76wvMEb
The Rise of Real-World Asset Tokenization
Ondo Finance has emerged as one of the leading platforms in the tokenized Treasury market. The company’s flagship OUSG product, a tokenized portfolio of short-term Treasury bills, now holds more than $770 million in assets. This impressive growth highlights the increasing demand for bringing traditional financial assets onto blockchain infrastructure.
When the SEC investigation began, Ondo was pioneering large-scale access to tokenized U.S. Treasuries. The platform has since expanded its offerings significantly. Most recently, Ondo launched a service providing tokenized access to more than 100 U.S. stocks and ETFs for eligible non-U.S. investors across multiple regions including Asia-Pacific, Africa, and Latin America.
The closure of this investigation removes a significant regulatory cloud that had hung over the project. For both Ondo and the broader crypto industry, this decision signals a potential shift in how U.S. regulators approach tokenized traditional assets.
Part of a Broader Regulatory Pivot
The Ondo case represents one of several recent instances where the SEC has closed investigations that began during the previous administration. Other high-profile cases that have been closed or dismissed include actions against Coinbase, Kraken, and Robinhood’s crypto unit.
The SEC’s landmark lawsuit against Coinbase, filed in 2023 over allegations of operating an unregistered securities platform, was dismissed with prejudice earlier this year. Similarly, an enforcement case against Kraken was closed with no fines and no required business changes.
This pattern suggests a recalibration of crypto regulatory policy under new SEC leadership. The appointment of Paul Atkins as SEC chair appears to have triggered a review of enforcement priorities, especially concerning blockchain technology and digital assets.
The Future of Tokenized Securities
With regulatory clarity improving, Ondo plans to outline its vision for the next phase of on-chain finance at an upcoming event in New York. The company will gather policymakers and executives from traditional finance to discuss the future of tokenized securities and blockchain-based financial infrastructure.
Ondo has already made significant strides in expanding its global reach. In September, the company launched Ondo Global Markets, expanding tokenized access to U.S. equities. More recently, Liechtenstein’s Financial Market Authority granted Ondo approval to offer tokenized stocks and ETFs across the European Economic Area under the MiCA regulatory framework.
This expansion positions the company to serve more than 500 million retail investors across 30 European countries. Meanwhile, Ondo has also extended its tokenized treasury-backed yield product, USDY, to additional blockchain networks including Stellar.
The SEC itself has begun examining how tokenization could modernize traditional securities markets. The agency’s Investor Advisory Committee is now studying how digital issuance, trading, and settlement could reshape equity infrastructure, marking a shift from the enforcement-first approach that characterized earlier policy.
A New Chapter for Digital Finance
For Ondo Finance, the conclusion of this investigation opens the door to focus fully on growth and innovation. The company’s strategic acquisition of Oasis Pro Markets gives it additional regulatory standing, with broker-dealer, ATS (Alternative Trading System), and transfer agent licenses that are essential for operating compliant secondary markets for tokenized securities in the United States.
As demand for tokenized U.S. Treasuries continues to surge across global markets, Ondo is well-positioned to capitalize on institutional interest in secure on-chain collateral and 24/7 liquidity. The regulatory clarity provided by the SEC’s decision removes a significant barrier for U.S. expansion and validates the compliance viability of tokenization models.
This development represents not just a win for Ondo but potentially signals broader acceptance of regulated on-chain finance in the United States. As policymakers continue to debate how U.S. clearing and settlement systems should connect to blockchain-based infrastructure, companies with clear regulatory standing will likely play a crucial role in shaping the future of digital finance.
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