Telegram’s TON Blockchain to Officially Expand in the US
TON Foundation has designated Manuel Stotz as its president in alignment with its expansion strategy in the United States.
The foundation intends to capitalize on expected pro-crypto initiatives under Donald Trump.
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TON Foundation has selected Manuel Stotz as its new president as the blockchain platform aims towards the US market in anticipation of President-elect Donald Trump’s expected return to the White House, Bloomberg reported on Tuesday.
The founder of Kingsway Capital Partners replaces Steve Yun, who will continue to serve on the board, as noted in the report.
The foundation, recognized as a nonprofit organization focused on fostering and advocating for initiatives within the TON ecosystem, is hopeful that the economic power “will soon evolve into a global crypto center focused on innovation,” stated Stotz.
The blockchain associated with Telegram is preparing for expansion, owing to Trump’s expected pro-crypto policies, which include proposals for a national Bitcoin reserve and efforts to enhance US leadership in digital assets.
It’s evident that not only TON but the entire cryptocurrency sector are closely monitoring what will occur post-Trump’s inauguration. This leadership shift is anticipated to alleviate the pressures that the industry has historically faced regarding regulatory oversight and enforcement actions that intensified during the Biden administration, especially following the collapse of major exchanges like FTX.
Washington Post reported on Monday that the Trump administration intends to issue executive orders on its first day aimed at supporting the cryptocurrency industry and promoting blockchain technology in the US. These measures, coordinated with insights from technology leader Marc Andreessen and AI and Crypto Czar David Sacks, seek to amend accounting standards for digital assets and establish a nurturing legal framework for cryptocurrency businesses.
TON was originally envisioned as the Telegram Open Network to enable swift and secure transactions within the Telegram ecosystem. The initiative sought to embed cryptocurrency functionalities into the messaging platform. Due to regulatory challenges, Telegram abandoned its original crypto venture, Gram, in 2020. After this setback, the development of TON shifted to an open-source community model.
The TON Foundation was established in Switzerland in 2023. It functions without a singular controlling authority, permitting community involvement and decentralized governance.
Months after his detention in France, Telegram CEO and co-founder Pavel Durov faced a Paris court last month for his initial official questioning in a criminal probe regarding alleged illicit activities on the platform.
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