Ondo Finance (ONDO) makes a significant step towards Tokenization as it discloses a meeting with the US Securities and Exchange Commission’s (SEC) Crypto Task Force.
According to the notice published on April 24, the meeting with the Decentralized Finance (DeFi) platform extensively covered the action around the “issuing and selling of wrapped tokenized versions of the US Securities, which are traded publicly.” Specifically, the discussion focused on registration requirements for tokenized securities, a possible launch of a regulatory sandbox, and compliance with financial laws.
The crypto task force led by Hester Peirce is not ending there as they also announced another roundtable meeting today, April 25, to deliberate on custody. According to the information at our disposal, representatives of several renowned companies like WisdomTree, Anchorage Digital Bank, Kraken, etc., would be in attendance.
Ondo Finance exists as a blockchain-based financial platform focused on tokenizing traditional assets. In December, it donated $1 million to Donald Trump’s inauguration fund. In March, its CEO, Nathan Allman, speculated that he could attend a white house event, underscoring his close relationship with the current administration.
Prior to that, the platform announced a strategic partnership with MasterCard to expand access to Real-World Asset (RWA) tokenization, as indicated in our previous report.
The price of ONDO has surged by 15% in the last 24 hours and 22% in the last seven days to trade at $1.01. According to our recent analysis, the asset could rise by 2x to 3x from the current position.
More About the Crypto Roundtable Event
The Roundtable discussion today forms part of the four-day (April 11, April 25, May 12, June 6) program, earlier announced to get experts’ positions on the current regulatory issues and how they can be solved. Today’s program will feature two panels. One would be about “Investment Adviser and Investment Company Custody,” while the other focuses on “Custody Through Broker-Dealers and Beyond.”
While the opening mark would come from leading SEC figures like Paul Atkins, the participants, who include legal and academic experts, would join the discussion. Meanwhile, some of these experts have already declared their positions on the subject in the past.
A partner at Dechert LLP, Neel Maitra, for instance, earlier labelled crypto custody as the “single greatest question facing the market participants.”
Apart from this, the SEC has pledged to continue the crypto cases involving fraudulent activities. However, it has announced that it is walking away from lawsuits against Coinbase, Kraken, etc.
Concerning this, U.S. Senator Elizabeth Warren recently submitted a formal letter to the Office of Inspector General (OIG) at the Securities and Exchange Commission (SEC) to launch an investigation into possible conflicts of interest.
As mentioned in our previous article, Ripple was mentioned eight times in that letter, ranging from the company’s $5 million donation to the president’s inaugural committee and the appearance of CEO Brad Garlinghouse at the Whitehouse crypto summit.