The TON Foundation, associated with Telegram Messenger, is planning to expand into the U.S. market, anticipating more favorable regulatory conditions under President-elect Donald Trump.
As part of its U.S. expansion strategy, the foundation has appointed Manuel Stotz, founder of Kingsway Capital Partners, as its new president. Stotz will succeed Steve Yun, who will remain on the board, according to Bloomberg.
The Open Network (TON) is a blockchain platform that enables Telegram’s 950 million users to access services such as in-app payments and games, often using its native cryptocurrency, Toncoin.
The foundation’s move into the U.S. reflects its belief that the country will become a global hub for cryptocurrency innovation.
This perspective is influenced by President-elect Trump’s commitment to making the U.S. a central player in the digital asset sector, contrasting with the stricter regulations of the outgoing administration.
Trump is pro-crypto
President-elect Donald Trump has recently become pro-cryptocurrency, a significant shift from his earlier skepticism. In July 2024, during a speech in Nashville, he referred to Bitcoin as representing freedom, sovereignty, and independence from government.
His policy proposals further evidence Trump’s support for the crypto industry. He has pledged to make the U.S. “the crypto capital” of the planet and has suggested the creation of a Bitcoin strategic reserve.
Additionally, Trump has launched his family’s cryptocurrency venture, World Liberty Financial, signaling his personal investment in the sector.
Previously, Telegram’s attempt to raise funds for a crypto project faced challenges from U.S. regulators, leading to a settlement with the Securities and Exchange Commission in 2020.
Read the full article here