Ondo Finance has submitted a no-action request to the U.S. Securities and Exchange Commission seeking approval to deploy an onchain layer for its Ondo Global Markets products. The filing asks SEC staff to confirm they will not pursue enforcement if the model proceeds. Ondo said the move targets operational improvements without altering legal protections or market structure.
Parallel Layer Leaves Official Books Unchanged
According to Ondo Finance, the proposal keeps existing securities frameworks fully intact. OGM products remain tokenized notes offering exposure to U.S.-listed stocks and ETFs. Underlying assets stay within current custody, recordkeeping, and legal systems. However, the model introduces a limited onchain representation of certain securities entitlements. These tokenized records live on Ethereum Mainnet alongside traditional systems. Custodian BitGo manages these representations to support internal processes.
Ondo stressed this approach does not replace official books and records. It adds a parallel layer designed to improve operational efficiency. The filing emphasizes continuity rather than structural change.
Targeted Efficiency Gains in Three Areas
The company outlined specific areas where the onchain layer could improve performance. First, it would enhance collateral monitoring for OGM products through transparent tracking. Second, it could streamline creation and redemption workflows. Third, reconciliation across the product stack would become simpler.
These improvements rely on maintaining the existing system while adding targeted blockchain functionality. According to Ondo, the goal centers on operational clarity rather than redesigning financial products. The firm noted that OGM already operates within Ethereum-compatible environments. Using Ethereum Mainnet reduces friction and maintains system consistency, avoiding new infrastructure risks.
No New Regulations Sought
Ondo Finance stated the no-action request does not seek new regulations. It asks for confirmation that the proposed structure fits within current securities laws. The company said this step allows a controlled rollout under regulatory oversight. A no-action position would enable a specific model to proceed without waiting for broader rulemaking. The filing frames the proposal as a narrow, supervised adjustment to an existing product framework.