TON Foundation targets US expansion under Trump
Key Takeaways
- TON Foundation has appointed Manuel Stotz as president as part of its US expansion plans.
- The foundation aims to leverage anticipated pro-crypto policies under Donald Trump.
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TON Foundation has appointed Manuel Stotz as its new president as the blockchain platform sets its sights on the US market ahead of President-elect Donald Trump’s anticipated return to the White House, Bloomberg reported Tuesday.
The founder of Kingsway Capital Partners succeeds Steve Yun, who will remain on the board, the report notes.
The foundation, known as a nonprofit organization dedicated to nurturing and supporting projects within the TON ecosystem, is optimistic that the economic powerhouse “will soon become a global crypto hub keenly focused on innovation,” said Stotz.
The blockchain associated with Telegram is getting ready for growth, thanks to Trump’s expected pro-crypto policies, which include plans for a national Bitcoin stockpile and a push to strengthen US leadership in digital assets.
It’s clear that not just TON but the entire crypto industry are paying attention to what will come after Trump’s inauguration. The leadership transition is expected to provide relief to the industry that has long faced regulatory scrutiny and enforcement actions that intensified under the Biden administration, particularly after major exchanges such as FTX collapsed.
TON’s journey began as the Telegram Open Network, designed to enable fast and secure transactions within the Telegram ecosystem. However, regulatory challenges from the US SEC forced the team to abandon its initial Gram token project in 2020, leading to TON’s transition to an open-source community model.
The TON Foundation, established in Switzerland in 2023 as a nonprofit organization, supports projects within the TON ecosystem through a decentralized governance structure without centralized control.
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Author: Vivian Nguyen
