The U.S. Securities and Exchange Commission (SEC) has officially concluded its two-year investigation into Ondo Finance, a leading company in the tokenization of real-world assets (RWA), without bringing any charges.

The SEC's investigation began in October 2023 (during the Biden administration) and focused on whether the tokenization of U.S. Treasury bonds, represented by $ONDO , violated federal securities laws, as well as whether its governance token $ONDO qualified as an unregistered security.

Final outcome: Ondo Finance received formal notification at the end of November 2025, confirming that the investigation has been closed and that the SEC does not recommend any enforcement actions.

Recently, Ondo acquired a licensed broker-dealer and ATS (Alternative Trading System) operator, Oasis Pro, which has provided it with a full compliance license to issue and trade tokenized securities in the U.S.