Telegram-linked TON eyeing U.S. expansion

TON Foundation, which is affiliated with Telegram Messenger, plans to expand into the US market, anticipating more favorable regulatory conditions under President-elect Donald Trump.

As part of its expansion strategy in the US, the foundation appointed Manuel Stotz, founder of Kingsway Capital Partners, as its new president. According to Bloomberg, Stotz will replace Steve Yun, who will remain on the board.

The Open Network (TON) is a blockchain platform that allows Telegram’s 950 million users to access services such as in-app payments and games, often using the native cryptocurrency Toncoin.

The foundation’s move to the US reflects its belief that the country will become a global hub for cryptocurrency innovation.

This perspective is influenced by President-elect Trump’s determination to make the United States a central player in the digital asset sector, which contrasts with the outgoing administration’s stricter regulations.

Trump is pro-cryptocurrency

President-elect Donald Trump has recently become pro-cryptocurrency; this was a significant change from his earlier skepticism. In a speech in Nashville in July 2024, he stated that Bitcoin represents freedom, sovereignty, and independence from government.

The policy proposals are a testament to Trump’s support for the crypto industry. He promised to make the US the “crypto capital” of the planet and proposed the creation of a Bitcoin strategic reserve.

Additionally, Trump signaled his personal investment in the industry by launching his family’s cryptocurrency venture, World Liberty Financial.

Previously, Telegram’s attempt to raise funds for a crypto project faced challenges from US regulators, and an agreement was reached with the Securities and Exchange Commission in 2020.