According to Foresight News , Ondo Finance has filed a No-Action Letter with the SEC regarding its Ondo Global Markets (OGM) product. Ondo's application is limited in scope; the OGM product remains unchanged, offering tokenized notes with exposure to US stocks and ETFs to non-US investors. The underlying securities and official ledger records remain within the existing custody system, held by custodian BitGo. The core change is that, under limited circumstances, the relevant securities rights will be simultaneously recorded in tokenized form on the Ethereum mainnet to optimize collateral monitoring, subscription and redemption processes, and reconciliation operations.
Ondo emphasized that this move is an improvement to the operation of existing products, not a restructuring of the existing market structure. A no-action letter is an informal regulatory tool of the SEC. Companies submit applications before launching new products or models, and if SEC staff confirm that enforcement action is not recommended, it is considered tacit regulatory approval, allowing them to proceed with business before formal legislative procedures are completed.
