Ondo Finance asked the SEC for no-action relief on an Ethereum-based model for tokenized securities, as the firm accounts for about $2.8 billion of the roughly $23 billion tokenized real-world asset market. The request covers a structure in which underlying stocks and ETFs remain held through the Depository Trust Company via Alpaca, while Ethereum tokens represent securities entitlements on-chain. Ondo said the SEC should confirm that this model would not require broker-dealer registration.