The US Securities and Exchange Commission (SEC) has officially closed its two-year investigation into Ondo Finance without bringing any charges, opening a rare positive development for the digital asset sector in the US during a period of intense scrutiny in recent years.
The SEC launched the investigation in October 2023, focusing on two key issues: whether Ondo Finance’s Token of US Treasury products complied with securities regulations, and whether the ONDO Token was classified as a security under current law. An Ondo representative said the company received official notice from the SEC in late November 2025, confirming the regulator’s decision not to take enforcement action.
This move is attracting strong attention from the US crypto community, especially in the context that many digital asset companies faced great legal pressure under the previous administration. The SEC's suspension of the Ondo investigation without pursuing responsibility is considered a "soft reversal" compared to the tightening trend that took place in the early stages of the previous term.
The event also comes at a time when the market expects more open coordination between US financial regulators and Web3 companies, especially when the tokenization model of traditional assets – including Treasury bonds, money market funds and mutual funds – is becoming mainstream on Wall Street. Many large banks such as BlackRock, Franklin Templeton and JPMorgan have also accelerated the deployment of similar solutions throughout 2025.
