Today, Ondo Finance submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) titled “Roadmap for Tokenized Securities.”
The letter outlines practical steps the SEC can take to accelerate responsible tokenization in U.S. markets without forcing a premature choice among competing models or overhauling existing market infrastructure.
At present, progress on tokenized assets in the U.S. is being slowed by a long-running debate over which approach to tokenization should prevail: direct registration onchain, tokenized beneficial ownership interests, or new digitally native securities linked to traditional securities entitlements. In our view, this debate misses the point. Versions of all three models already exist within the U.S. financial system, each serving different use cases. Allowing them to develop in parallel on public and permissioned blockchains is a strength, not a weakness, one that builds on the central role of DTC in our markets.
Our roadmap encourages the SEC to:
- Support both direct and intermediated ownership pathways
- Embrace permissioned, permissionless, and hybrid DLT systems
- Modernize transfer-agent rules for tokenization
- Provide broad regulatory clarity for tokenized products backed by securities held in DTC.
These steps would enable safe, incremental progress while preserving the investor-protection mission at the heart of U.S. securities regulation.
Ondo’s core thesis is unchanged: all assets are moving onchain and the U.S. should lead that transformation. Tokenized products, especially those linked to securities already held through DTC, offer a great starting point that plays to the strengths of the American system as it is.
We look forward to continued engagement with the SEC and to sharing more about our U.S. initiatives ahead of the Ondo Summit in February 2026.
Read the full letter below:
https://www.sec.gov/files/ctf-written-input-ondo-finance-120425.pdf
