Under the Biden administration, the SEC was taking steps that contributed to the decline of cryptocurrencies. However, this year, with Gensler’s departure, the situation has reversed. The SEC has taken the necessary steps to dismiss almost all cryptocurrency cases, including that of ONDO. This long-awaited move, although delayed, has become highly supportive of its price.
Latest Developments on ONDO Coin
The Ondo investigation, which had been ongoing for two years, concluded without any charges. The case initiated by former SEC Chairman Gary Gensler in October 2023 had created significant negativity for Ondo, a company doing substantial work in the tokenization field. Today’s announcement came from the Ondo team, who revealed that they received a new notification from the SEC about the investigation last month.
With the official announcement of the investigation’s termination, ONDO Coin experienced a 10% increase in value within a matter of minutes.
The latest development indicates growing support for tokenization from the SEC. BlackRock’s CEO previously stated that tokenization is inevitable for traditional markets.
The Potential of Tokenization
The new SEC Chairman, Atkins, who succeeded Gensler, made a statement last week highlighting the transformative potential of distributed ledger technology and the tokenization of financial assets, including securities, for capital markets.
This shift in the SEC’s approach towards cryptocurrencies and tokenization suggests a more favorable regulatory environment in the future.
Such a stance from the SEC can be seen as a pivotal moment that could steer broader acceptance and advancement of tokenization technologies in financial markets.
Market participants and enthusiasts are closely monitoring these changes, cautiously optimistic about the newfound potential and prospects of digital asset integration into traditional finance.
This positive development could lead to increased market participation, investment, and innovation, which may reshape the financial landscape.