The US Securities and Exchange Commission has closed its investigation into the New York-based tokenization platform Ondo Finance. The probe began in 2023 and ended without any charges.

Separately, Ondo received Liechtenstein approval last month to offer tokenized stocks and ETFs across the European Union and wider European Economic Area. The approval followed Ondo Finance’s integration with cryptocurrency exchange Bitget and Bitget Wallet, allowing non-US users to access tokenized real-world assets, including stocks and ETFs.

SEC Clears Ondo Multi-Year Investigation

Ondo said that it received formal notice from the SEC that the “confidential, multi-year” investigation was closed. The review examined whether Ondo’s tokenization of real-world assets complied with federal securities laws. It also assessed whether the ONDO token qualified as a security.

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The company said, “The probe examined whether Ondo’s tokenization Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a security.”

The SEC has formally closed a confidential Biden-era investigation into Ondo — without any charges.

The inquiry began in 2024, focused on whether Ondo’s tokenization of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a… pic.twitter.com/yV4xVX7Qrx

— Ondo Finance (@OndoFinance) December 8, 2025

Crypto “Enforcement Eases” After SEC Leadership Change

According to a report by Crypto in America, the SEC opened the inquiry in October 2023 under former Chair Gary Gensler, whose tenure was marked by stricter enforcement toward crypto firms. Since Paul Atkins became SEC chair, the agency has closed several crypto-related cases, including those involving Coinbase, Ripple, and Kraken.

Tokenized Securities Could Enter US Markets

Ondo said the investigation began during a period of regulatory uncertainty. It described the environment as defined by “caution, confusion, and occasionally overbroad enforcement actions” and noted it was “one of the only firms focused on tokenizing publicly listed equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term at scale.” The company added, “Being early, and being successful, came with scrutiny.”

It said the closure marks the end of one chapter and the start of another, where tokenized securities could become a “core part of the US capital markets.”

Most tokenization platforms continue to focus on customers outside the United States, offering tokenized versions of US-listed stocks and ETFs mainly to European clients, including Kraken-owned Backed, the issuer of xStocks.