Ondo Finance Seeks SEC No-Action on Ethereum Recordkeeping

Ondo Finance, a digital asset firm specializing in tokenized real-world assets, submitted a no-action request to the U.S. Securities and Exchange Commission on April 13, 2026, seeking regulatory clarity for a blockchain-based recordkeeping model tied to its Ondo Global Markets platform.

The request, directed to the SEC's Division of Trading and Markets, focuses on using Ethereum Mainnet to represent certain securities entitlements in tokenized form. These entitlements relate to Ondo Global Markets products, which are tokenized notes providing non-U.S. investors with exposure to U.S.-listed stocks and exchange-traded funds. Under the proposed model, the underlying securities would remain held through the Depository Trust Company system and recorded by U.S. broker-dealer Alpaca Securities, with BitGo serving as custodian for the tokenized representations. Ondo emphasized that the approach maintains the existing legal, custody, and official recordkeeping frameworks intact, ensuring no changes to investor protections or product structures.

The filing describes a three-layer setup to integrate blockchain without disrupting traditional systems. The offshore layer consists of the...