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SEC Closes Ondo Finance Probe Without Charges – End of Biden-Era Crypto Crackdown?

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The U.S. Securities and Exchange Commission has formally closed its multi-year investigation into Ondo Finance with out submitting any costs, marking one other high-profile reversal of a crypto enforcement motion that started below the Biden administration.

Ondo disclosed the choice in a weblog announcement, confirming that the probe examined whether or not its tokenized real-world asset merchandise complied with federal securities legal guidelines and whether or not its ONDO token itself certified as a safety.

Ondo Joins Coinbase, Kraken, and Co. as SEC Closes Key Crypto Investigations

The investigation started in 2024 throughout a interval of heightened scrutiny of digital-asset companies and remained confidential till its decision. The firm stated it totally cooperated all through the method.

At the time the inquiry was opened, Ondo was rising as one of the earliest and largest platforms for tokenized U.S. Treasuries and one of the few companies working towards large-scale tokenized entry to publicly listed equities.

The firm was additionally seeing fast adoption from worldwide buyers, putting it squarely throughout the SEC’s enforcement focus throughout a interval formed by change bankruptcies, retail hypothesis, and regulatory uncertainty.

The closure of the Ondo investigation comes as Washington signifies a broader recalibration of its crypto coverage posture following the appointment of Paul Atkins as SEC chair.

Since his takeover, the company has moved to unwind a number of of probably the most aggressive crypto circumstances launched in the course of the Biden years.

The SEC’s landmark lawsuit towards Coinbase, filed in 2023 over allegations that the change operated as an unregistered securities platform, was dismissed with prejudice in February 2025.

The same enforcement case towards Kraken, additionally alleging unregistered change and dealer actions, was closed a month later with no fines, no admissions of wrongdoing, and no required enterprise adjustments.

Also, in February, the SEC shut down its investigation into Robinhood’s crypto unit with out taking enforcement motion, and scrutiny of Uniswap Labs was quietly dropped as properly.

Not all Biden-era crypto circumstances have disappeared. Criminal proceedings introduced by the U.S. Department of Justice stay energetic within the Tornado Cash case.

Co-founder Roman Storm was convicted in August for conspiring to function an unlicensed money-transmitting enterprise and now faces a possible jail sentence, whereas fellow co-founder Roman Semenov stays at massive.

Although Treasury sanctions towards the Tornado Cash protocol itself were lifted earlier this 12 months following an appellate ruling, the person prosecutions proceed.

Ondo Brings Tokenized U.S. Stocks to Over 500 Million Investors Worldwide

Ondo’s regulatory clearance additionally comes as tokenization strikes deeper into regulated monetary markets.

In September, the company launched Ondo Global Markets, a platform providing tokenized entry to greater than 100 U.S. shares and ETFs for eligible non-U.S. buyers throughout Asia-Pacific, Africa, and Latin America.

The service runs on Ethereum and is increasing to BNB Chain, Solana, and its personal Ondo Chain, with tokenized securities backed one-to-one by underlying belongings held at U.S.-registered broker-dealers.

That worldwide growth accelerated in November when Liechtenstein’s Financial Market Authority granted Ondo approval to supply tokenized shares and ETFs throughout the European Economic Area below the MiCA regulatory framework.

The approval positions the corporate to serve greater than 500 million retail buyers throughout 30 European nations by way of passported authorization.

At the infrastructure degree, Ondo has additionally expanded its tokenized treasury-backed yield product, USDY, to the Stellar blockchain.

The integration, announced in September at the Stellar Meridian conference in Rio de Janeiro, permits Stellar customers to entry on-chain yield tied to U.S. authorities debt by way of a worldwide payments-focused community.

Meanwhile, the SEC itself has begun publicly examining how tokenization might modernize conventional securities markets.

The company’s Investor Advisory Committee is now learning how digital issuance, buying and selling, and settlement might reshape fairness infrastructure, a marked shift from the enforcement-first strategy that dominated earlier coverage.

The submit SEC Closes Ondo Finance Probe Without Charges – End of Biden-Era Crypto Crackdown? appeared first on Cryptonews.

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