Telegram-related blockchain network The Open Network (TON) is preparing to expand its presence in the United States. The TON expects a favorable regulatory environment, following President Donald Trump's statements. The TON Foundation, which backs the blockchain project, announced management changes on Tuesday as part of its development strategy in the world's largest market, Bloomberg reports.
Manuel Stotz, founder of Kingsway Capital Partners, has become the new president of TON. He replaced Steve Yun, who will remain a member of the fund's board. Stotz emphasized that TON Foundation sees the United States as a promising crypto hub focused on innovation.
“US will soon become a global crypto hub keenly focused on innovation,” Stotz said.
This change comes amid expected changes in digital asset policy with the change of administration in Washington. During the election campaign, Trump clearly stated his intention to make the US a dominant player in the blockchain and cryptocurrency space. This is in stark contrast to Joe Biden's administration, which introduced stricter regulations on cryptocurrency exchanges and decentralized finance platforms.
The TON blockchain, which was originally developed by Telegram and later became a decentralized project, has close ties to the messenger. The network provides services such as in-app payments and games to nearly 950 million Telegram users via the Toncoin token.
Under Stotz's leadership, TON plans to focus on expanding the user base and integrating blockchain services into everyday applications. The fund's main goal is to leverage Telegram's huge global audience to promote the widespread adoption of blockchain technologies.
The cryptocurrency industry sees Trump's return to power as a possible turning point for the market. His administration is expected to take a more cryptocurrency-friendly stance, which could attract more blockchain projects to the US and spur innovation in decentralized technologies.