SEC ends investigation of RWA tokenization platform Ondo
The SEC has closed its investigation into Ondo Finance without prosecution, two years after it began. She investigated, among other things, the compliance of the tokenization of US Treasuries and the state of the ONDO token, while crypto players were under strict scrutiny during the administration of Joe Biden.
The two-year Ondo investigation ends without charges
Ondo Finance has been flying under the SEC’s radar for two years now. Indeed, in October 2023, the SEC investigation into Ondo Finance, which was then one of the the US Treasury’s first and largest tokenization platform.
The purpose of this investigation, which was launched under the Joe Biden administration, was to determine whether the platform’s tokenization of government bonds was in compliance with federal securities laws and whether the ONDO token should be considered a financial security.
🪙 What is Ondo Finance (ONDO)? Focus on Real World Asset Tokenization (RWA) protocol
The investigation just ended under Paul Atkins, the SEC’s new chairman, without any charges being laid.
Immediately after this announcement, the market reacted quickly: the ONDO token jumped by 6% in 24 hours. It must be said that Ondo Finance has a lot of weight in the sector. The platform has a record total value locked (TVL) of $1.78 billion as of October 2025. It also controls more than 80% of the US Treasury tokenization market.
To put these numbers into context, the total tokenized government bond market is worth approximately $7.4 billion (mid-2025 figures). Meanwhile, the broader market for tokenized real assets exceeds $26 billion.
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Changing regulatory course in the United States
Since the beginning of 2025, the United States has changed its approach to cryptocurrencies – even its vision of blockchain in general. Donald Trump, an openly pro-crypto president, appointed Paul Atkins to head the SEC to replace Gary Gensler, who was known for his repressive approach. The new SEC president also stated this “the time has come for cryptocurrencies”.
Nathan Allman, founder of Ondo Finance, therefore welcomed the decision: “Regulators are moving away from punitive approaches to frameworks favoring modernized market infrastructure”.
🗞️ Ondo gets European approval for its tokenized equity platform
Things should now pick up speed for Ondo Finance. The company also completed the acquisition of Oasis Pro Markets last October, which should allow it to develop a regulated ecosystem for tokenized securities. Oasis Pro Markets is truly one of the first SEC registered broker-dealerwhich allows it to directly offer tokenized securities on the US market completely legally.
Therefore, the company plans to hold the Ondo Summit on February 3, 2026 in New York, where regulators, policymakers and traditional finance players will gather to discuss the future of tokenization.
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After training in journalism, I worked in print for a few years before discovering the world of personal finance and the stock market. As I have fallen into cryptocurrencies since 2020, I am particularly interested in deciphering the news that affects the crypto markets. My goal? Always educate your readers more by providing the most accurate and precise information possible.
Justine Ferrari
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