The Open Network (TON) is setting its sights on expanding into the U.S. under the upcoming administration of President-elect Donald Trump. The TON Foundation, according to a Bloomberg report, is eyeing the U.S. as a key market for blockchain growth, especially in light of anticipated regulatory changes. A spokesperson for the foundation confirmed the expansion plans earlier today.
Manuel Stotz, a prominent investor in digital assets and the founder of Kingsway Capital Partners, has been appointed as the new president of the TON Foundation. Stotz, who succeeds Steve Yun, will lead efforts to establish TON in the U.S. market. “The U.S. will soon become a global crypto hub focused on innovation,” Stotz remarked in a statement. Yun, while stepping down from his role, will remain on the foundation’s board.
The move aligns with the growing expectation that the U.S. will become more crypto-friendly under the new administration. With Trump’s inauguration scheduled for January 20, supporters of digital assets hope his presidency will address key regulatory challenges, including how cryptocurrencies are classified by banks. Many in the crypto industry are advocating for a shift in the rules that currently categorize digital assets as liabilities. Additionally, concerns about “de-banking” practices, which have affected several crypto firms in the U.S., may be addressed under the new leadership.
Stotz’s appointment is seen as a significant leadership change for the TON Foundation. His expertise in digital assets is expected to bolster the foundation’s efforts to grow TON in the U.S., a country seen as a fertile ground for blockchain innovation.
Following the announcement, TON’s native token, Toncoin (TON), saw a 4.05% surge, trading at $5.35. However, it remains down by 5.70% over the past week, according to data from CoinMarketCap.
Related topics:
Coinbase Adds PNUT Meme Coin: What’s Next for Peanut the Squirrel (PNUT)?
Cardano Faces Decline Amid Founder’s Public Defense Against Criticism
Singapore Declares Polymarket an ‘Illegal Gambling Website’
