Ondo seeks regulatory approval from the SEC to record security interests directly on Ethereum mainnet.

Foresight News reports that Ondo Finance has submitted a No-Action Letter application to the SEC for its Ondo Global Markets (OGM) product. The scope of Ondo's application is limited; the positioning of the OGM product remains unchanged, still offering tokenized notes providing exposure to US stocks and ETFs for non-US investors. The underlying securities and official ledger records continue to be maintained within the existing custody system, held by custodian BitGo. The core change is that, in limited circumstances, the corresponding securities interests will also be recorded in tokenized form on the Ethereum mainnet, optimizing collateral monitoring, subscription and redemption processes, and reconciliation operations.

Ondo emphasized that this move is an operational improvement to the current product, not a reconstruction of the existing market structure. A No-Action Letter is an informal regulatory tool from the SEC; companies submit applications before launching new products or models, and if SEC staff respond confirming that enforcement action is not recommended, it is regarded as tacit regulatory approval, allowing the business to proceed before formal legislative procedures are completed.