The U.S. Securities and Exchange Commission (SEC) has officially terminated its investigation into the New York tokenization platform Ondo Finance, which began in 2023.

Ondo Finance announced on Monday that the company received formal notification indicating that the SEC's years-long confidential investigation into the platform has concluded without any charges being filed.

"The investigation examined whether Ondo's tokenization of certain real-world assets complied with federal securities laws and whether the ONDO token constituted a security," the announcement stated.

The SEC's decision to terminate the investigation reflects a broader shift in U.S. policy regarding the tokenization of real-world assets (RWA), and Ondo stated that this brings it onto the regulatory agency's formal agenda.

According to Crypto in America, the SEC initially launched the investigation in October 2023 under former SEC Chairman Gary Gensler, who is known for his strict stance on the crypto industry.

However, since Paul Atkins took over as SEC Chairman, the agency has closed several crypto-related cases involving major companies, including Coinbase, Ripple, and Kraken.

Ondo Finance stated in its blog post, "When the investigation began in 2024, the regulatory environment for digital assets in the U.S. was filled with caution, confusion, and occasionally overly broad enforcement actions."

In this context, Ondo is "one of the few companies focused on large-scale tokenization of publicly listed stocks," adding, "Becoming a pioneer and achieving success inevitably comes with regulatory scrutiny."

According to Ondo, the end of the SEC investigation marks the conclusion of one phase and the beginning of a new chapter, in which tokenized securities will become "a core part of the U.S. capital markets."

"The future of global finance, including the U.S. capital markets, will be on-chain, and Ondo will help lead this transformation," Ondo stated.

As this news broke, most tokenization platforms primarily offered tokenized equity products to clients outside the U.S., including companies like Backed, a subsidiary of Kraken, which is the issuer of xStocks.

While these platforms tokenize major U.S. listed stocks and exchange-traded funds (ETFs), many products are primarily aimed at overseas clients, especially in Europe.

Alchemy Pay Chief Marketing Officer Ailona Tsik stated in an interview with Cointelegraph in June, "The reality is that U.S. users have relatively seamless access to traditional equities, such as stocks and ETFs, through well-established brokerage platforms."

It remains to be seen whether RWA platforms like Ondo will begin offering services to U.S. customers following the conclusion of the SEC investigation.

Shortly after this news, Ondo Global Markets received regulatory approval in November to offer tokenized stocks to European investors.

Competitor U.S. tokenization platform Securitize also received regulatory approval on November 26 to operate as an investment firm and trading and settlement system (TSS) in the EU. According to the company, this approval makes it one of the earliest operators of digital securities infrastructure to be regulated in both the U.S. and the EU.

Related: U.S. Treasury Leads Tokenization Wave, CoinShares Predicts Growth Momentum by 2026

Original: “SEC Ends Investigation into Tokenized Equity Platform Ondo Finance During Biden Era”

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