Telegram Messenger LLP along with the popular blockchain TON is getting ready to grow in the US, attracted by the possibility of a favourable regulatory environment under Donald Trump’s next administration.
News on the Expansion to U.S.
According to a statement released on Tuesday by Bloomberg, The Open Network, or TON Foundation named board member Manuel Stotz as president in light of the new strategic focus on pursuing growth in the top economy in the world.
Steve Yun, who is still on the board, is replaced by Stotz, the founder of investment firm Kingsway Capital Partners Ltd.
As a nonprofit organisation devoted to fostering and assisting initiatives inside the TON ecosystem, the foundation is hopeful that the economic giant “will soon become a global crypto hub keenly focused on innovation,” according to Stotz.
The Telegram-related blockchain is getting ready to grow as a result of Trump’s expected pro-crypto policies, which include plans for a national Bitcoin stockpile and an attempt to strengthen US leadership in digital assets.
All Focus on Trump
The entire crypto industry is waiting for Trump to come into power. Not just this news, but the industry is waiting for a lot of projects.
The industry, which has long been subject to regulatory scrutiny and enforcement proceedings that grew more intense under the Biden administration, especially following the failure of big exchanges like FTX, is anticipated to benefit from the leadership change.
According to a Monday Washington Post article, the Trump administration intends to issue executive orders on the first day to promote blockchain technology and the cryptocurrency sector in the United States.
These regulations are intended to update accounting rules for digital assets and establish a favourable legal climate for cryptocurrency businesses. They were formulated with input from tech titan Marc Andreessen and AI and Crypto Czar David Sacks.
Trump has changed his opinion on cryptocurrencies fully since the previous years. No doubt that his positive stance on cryptocurrencies has a big role to play in his winning this election.Â
TON Foundation and its Developments
Coming back to TON, soon, TON Foundation may introduce a new coin to mint on the unexplored stablecoin market. The TON Foundation’s former president, Steve Yun, had made public his audacious plans to develop a stablecoin with a staggering $10 billion in capitalisation.
Telegram has repeatedly worked to improve its reputation for security and authenticity. All of these initiatives continue concurrently with the company’s resolution of the legal troubles facing its CEO, Pavel Durov.
TON Price Movements
The price of the TON token is up by more than 3% in the last 24 hours and is trading at $5.38, at the time at press time.
The global market cap stands at $13.64 billion. The 24-hour trading volume is however down by more than 20%.
Also Read: TON Ecosystem Layer 2 Project DuckChain Raises $5M in Funding Round Led by DWF Ventures