"Ondo Finance submitted a no-action letter request on April 13 to the U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets tied to Ondo Global Markets (OGM). It seeks assurance that its Ethereum-based model would not trigger enforcement action."
"The proposal introduces a model in which blockchain is used for recording and administering certain securities entitlements while the existing legal, custody, and recordkeeping framework remains in place."
"Ondo Finance stressed that the approach does not change how products are structured. The company stated: We think this structure can make OGM products more useful without changing the basic legal framework that supports them."
"It does not ask the SEC to rewrite securities law or approve every form of tokenized security. It asks for confirmation that SEC staff would not recommend enforcement action if we proceed with a specific model for recording and administering certain securities entitlements in tokenized form on Ethereum."
Ondo Finance submitted a no-action letter to the SEC to seek assurance that its Ethereum-based model for tokenized securities will not trigger enforcement action. The model integrates blockchain for recording and administering securities entitlements while maintaining existing legal and custody frameworks. Ondo Finance emphasizes that this approach enhances product utility without altering the fundamental legal structure. The request does not seek to change securities law or gain approval for all tokenized securities, but rather confirmation of non-enforcement for their specific model.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]