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The TON Foundation, associated with the popular messaging app Telegram, is setting its sights on expanding into the U.S. market, believing that the regulatory environment will become more favorable under the upcoming administration of President-elect Donald Trump. To lead this expansion, the foundation has appointed Manuel Stotz, the founder of Kingsway Capital Partners, as its new president. Stotz will succeed Steve Yun, who will remain involved with the foundation as a board member.
The Open Network, known for its native cryptocurrency Toncoin, is a blockchain platform that integrates with Telegram, offering services such as in-app payments and gaming for Telegram’s vast user base of approximately 950 million people. The TON Foundation’s decision to focus on the U.S. is driven by its optimism that the country will soon become a global leader in cryptocurrency innovation.
This outlook is largely influenced by the crypto-friendly stance of President-elect Trump. Trump has become increasingly pro-crypto in recent months, a departure from his earlier skepticism. In a speech in Nashville in July 2024, he praised Bitcoin, describing it as a symbol of freedom, sovereignty, and independence from government control. His policy proposals include positioning the U.S. as the “crypto capital” of the world, and he has even floated the idea of creating a Bitcoin strategic reserve.
Trump has also made strides personally investing in the crypto space through the launch of World Liberty Financial, a cryptocurrency venture led by his family. This shift in Trump’s approach to digital assets has further encouraged the TON Foundation’s decision to target the U.S. market, hoping for a more crypto-friendly regulatory landscape compared to the previous administration.
Telegram’s previous efforts to raise funds for a crypto project faced significant challenges from U.S. regulators, leading to a settlement with the Securities and Exchange Commission (SEC) in 2020. However, with Trump’s pro-crypto stance, the TON Foundation is hopeful that its expansion efforts will align with more favorable regulatory developments.
