Ondo Finance said on Monday that it submitted a no-action request to the U.S. Securities and Exchange Commission tied to Ondo Global Markets, or OGM.
The company asked SEC staff to confirm they would not recommend enforcement action. The request covers a specific model that would record and administer certain securities entitlements in tokenized form on Ethereum mainnet in support of OGM products.
Ondo said the request is narrow. The company stated that it is not asking the SEC to rewrite securities law or approve every type of tokenized security.
Instead, it wants staff confirmation for a targeted operating model that keeps the existing legal framework and customer protections in place while adding an Ethereum-based layer for selected functions.
Ondo ties OGM model to Ethereum mainnet
Ethereum mainnet is a core part of Ondo’s request. The company stated that OGM already operates in Ethereum and Ethereum-compatible environments, so using the same rail reduces friction and keeps the broader system aligned.
Ondo added that the requested model would use Ethereum Mainnet only in limited circumstances tied to the recording and administration of certain securities entitlements.
The filing does not ask the SEC to move the official record of ownership onto a public blockchain. Ondo said the official books and records would remain inside the current legal, custody, and recordkeeping framework.
Under the proposed model, the Ethereum Mainnet layer would support operational tasks while the formal record remains where it is today.
Ondo presented the model as a recordkeeping and operations update rather than a new market structure. The company said the goal is to improve collateral monitoring, creation-and-redemption workflows, and reconciliation across the OGM product stack.
Moreover, it also said the filing is meant to show that public blockchain infrastructure and securities regulation can work together inside an existing structure.
OGM products would keep the same legal structure
Ondo said OGM products would remain tokenized notes that give non-U.S. investors exposure to U.S.-listed stocks and ETFs. The company added that the underlying securities would stay inside the existing legal, custody, and recordkeeping framework.
Ondo also said custodian BitGo would hold the tokenized securities entitlements on Ethereum Mainnet to support the operational layer described in the request.
That point matters because the SEC has already said tokenization does not change the basic legal character of a security. In a January staff statement on tokenized securities, the SEC said a security remains a security even when it is represented as a crypto asset on a blockchain.
The staff also stated that market participants should prepare the needed filings and requests as they build tokenized products within the current federal securities law framework.
The SEC statement described two broad tokenization models. One involves securities tokenized by issuers or on their behalf. The other involves third parties unaffiliated with issuers that create crypto assets tied to underlying securities or security entitlements held in custody.
That framework gives context to Ondo’s request because the company is asking for staff comfort around a defined operating model rather than asking for a broad exemption.
Filing comes as Ondo expands tokenized products
The SEC request arrived as Ondo continued to expand its tokenized securities business. On March 25, Ondo announced that it had tokenized five Franklin Templeton ETFs through Ondo Global Markets.
The partnership would let users access those ETF exposures through crypto wallets on a round-the-clock basis instead of using standard brokerage accounts.
The Franklin partnership added a large traditional asset manager to Ondo’s tokenization push. Franklin Templeton reported preliminary assets under management of $1.71 trillion as of January 31, 2026.
Ondo’s announcement described Franklin as one of the world’s largest asset managers, while Bloomberg reported that Ondo had roughly $2.7 billion in tokenized assets outstanding at the time of the ETF partnership.
Ondo had already posted growth figures earlier in the year. In January, the company said it had passed $2.5 billion in total value locked across its tokenized products and had become the largest provider of both tokenized treasuries and tokenized stocks.
The same company update said Ondo Global Markets had more than $500 million in tokenized stocks and more than 100 available securities at that stage.
Those recent developments give the SEC filing more weight. Ondo is no longer presenting tokenization as a pilot concept. It is asking for staff clarity while its tokenized securities platform is already expanding across ETFs, stocks, and treasury-linked products.
SEC keeps taking narrower steps on tokenized finance
Ondo’s request also lands during a period when the SEC has issued narrower statements on crypto and tokenized finance instead of waiting for Congress to pass a full market structure law.
In January, SEC staff released their tokenized securities statement to explain how federal securities laws apply when securities move onto crypto networks. That statement made clear that the technology layer may change, but the legal treatment of the underlying instrument does not.
Furthermore, the agency moved again on April 13, when the SEC’s Division of Trading and Markets said certain crypto trading interfaces may operate without broker-dealer registration if they remain self-custodial and meet a narrow set of conditions.
That guidance covered some websites, browser extensions, and mobile apps used to prepare crypto asset securities transactions through self-custodial wallets.