Telegram-backed TON Foundation has plans to enter the US market amid expectations for regulatory shift.
The Open Network (TON) Foundation, a prominent blockchain ecosystem, has recently announced its plans to enter the United States. With strong ties to Telegram Messenger LLP, the foundation aims to take advantage of the country’s anticipated crypto-friendly policies.
According to a Bloomberg report, this move aligns with President-elect Donald Trump’s administration’s vision of positioning the United States as a global leader in crypto innovation.
A New Chapter for TON Foundation
As the United States gears up for Donald Trump’s swearing-in on January 20th, the TON Foundation is also changing its leadership. The foundation has appointed Manuel Stotz as its new President, succeeding Steve Yun.
Stotz, a seasoned investor and the founder of Kingsway Capital Partners is expected to bring valuable expertise to the nonprofit. Although Stotz takes on the presidential role, Yun will continue to serve on the board.
In a statement, Stotz said the foundation is setting itself up for growth and success with its latest expansion move. He emphasized that under Trump’s presidency, the United States is set to become a major center for crypto.
The foundation is prepared to capitalize on the potential favorable environment. Trump’s pro-crypto approach contrasts sharply with President Joe Biden’s restrictive measures. Biden’s policies have cast a shadow of regulatory uncertainty over the sector.
Trump’s promise to encourage innovation and reduce regulatory hurdles has given blockchain enthusiasts and industry leaders hope. Ripple, a leading blockchain payments firm, recently confirmed that 75% of its open positions are now US-based.
This is a significant increase from previous years when most hires were international. This change reflects a strategic pivot to the US market, driven by the anticipated favorable regulatory environment under the new administration.
For the TON Foundation, this potential regulatory clarity also presents a golden opportunity. The foundation is eager to expand its reach with its blockchain-supporting services for Telegram’s 950 million users.
Telegram uses Toncoin for payments, games, and other services, showing how blockchain can work with mainstream messaging platforms. By adding blockchain to everyday applications, TON is ready to drive a new wave of digital use.
Rocky Road to Innovation
The Telegram ecosystem has faced many challenges in recent years. In 2020, it settled with the US Securities and Exchange Commission (SEC) over its attempt to raise capital to develop the GRAM token.
Due to regulatory scrutiny in the United States, the TON Foundation moved to Switzerland in 2023. Despite these hurdles, the platform remains focused on its mission to grow and integrate the TON blockchain and a functional DAO ecosystem to empower its community.
Telegram has also faced controversy. Last year, CEO Pavel Durov was arrested in France, accused of spreading illegal content. Durov denied the charges and highlighted Telegram’s efforts to fight abuse.
Despite the challenges, Telegram reached a major milestone in 2024. The messaging platform exceeded $1 billion in revenue, showing its continued popularity and strong business model.
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