SEC Ends Biden-Era Investigation into Ondo Without Charges, as Momentum Builds for Tokenized Securities in the U.S.
A Major Step Forward for Tokenized Securities in the United States
Ondo Finance has received formal notice that a confidential, multi-year SEC investigation, initiated under the Biden administration during a period of heightened scrutiny of digital-asset firms, has been closed without any charges.
The probe examined whether Ondo’s tokenization of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a security. Ondo fully cooperated throughout. And Ondo remained steadfast in its conviction that regulated, transparent tokenization models like Ondo’s are not only compatible with investor-protection principles, but can strengthen them.
This moment is a meaningful milestone not just for Ondo, but for the broader tokenization industry.
When the inquiry began in 2024, the U.S. regulatory environment for digital assets was defined by caution, confusion, and occasionally overbroad enforcement actions. Against that backdrop, Ondo was:
- The first and largest tokenization platform for U.S. Treasuries
- One of the only firms focused on tokenizing publicly listed equities at scale
- Experiencing rapid adoption from global investors
Being early, and being successful, came with scrutiny.
Ondo was building useful, accessible, and regulated financial products using public blockchains at a time when the policy conversation was dominated by crypto exchange failures and speculative tokens. As a result, innovators working with some of the safest assets in traditional finance found themselves swept into broader enforcement dragnet concerns.
Ondo’s growth and leadership in the emerging tokenization category made us a focus, but not a justified target. With the probe concluded, we move forward as we always have, with strong commitments to innovation, compliance, security, and investor protection.
A Shift in Washington: A Clearer Path for Tokenized Securities
The decision also reflects a broader shift in U.S. policy.
Regulators are reassessing Biden-era approaches to digital assets. Washington has begun reversing or softening several aggressive actions taken during the prior administration, recognizing that innovation and investor protection are not mutually exclusive.
Tokenization is now on the SEC’s formal agenda. The SEC’s Investor Advisory Committee is evaluating how tokenization can modernize the issuance, trading, and settlement of public equities, a stark departure from the enforcement-first posture of recent years.
The market has spoken, and adoption is accelerating. Tokenized U.S. Treasuries have been one of the fastest-growing onchain asset categories, and the recent launch of tokenized equities is equally showing traction.
U.S. infrastructure is evolving to support tokenization. Ondo’s recent acquisition of Oasis Pro provides Ondo with broker-dealer, ATS, and transfer agent licenses, giving us a fully regulated footprint for U.S. tokenized securities.
The resolution of the SEC inquiry marks the end of one chapter for Ondo and the beginning of another. Put simply, the time is now for tokenized securities to become a core part of U.S. capital markets. The future of global finance, including U.S. capital markets, will be onchain and Ondo will help lead that transition.
So what is next? On February 3, 2026 in New York, we will share the next phase of our roadmap at the Ondo Summit, where we are bringing together leading regulators, policymakers, and executives across traditional finance to lay out our vision for the new era of onchain finance.
Onwards
Source: Ondo
