SEC Drops Biden-Era Investigation Into Ondo Finance

The SEC has ended its long-running probe into Ondo Finance without charges, lifting uncertainty around the ONDO token and sending it higher.

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Posted December 9, 2025 at 8:28 am ET.

The U.S. Securities and Exchange Commission (SEC) has closed a two-year confidential investigation into tokenization platform Ondo Finance without charges, the firm disclosed in a statement on Monday.

“The inquiries were broad, touching almost every aspect of our business, and cost millions of dollars in legal and huge amounts of time to respond to,” said Ondo CEO Nathan Allman on X.

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One of the areas of focus for the SEC was around whether Ondo’s native token ONDO was a security — a common allegation in SEC enforcement actions when Gary Gensler was still Chairman.

ONDO’s native token rallied 8% to an intraday high of $0.50 after the firm shared news of the case being closed.

Ondo has over $1.8 billion in total value locked on its platform, with token holders’ annual net income sitting at $6.93 million. The firm plans to share the next phase of its roadmap at its New York summit in February.