The Open Network (TON) is expanding into the United States under President-elect Donald Trump’s upcoming administration.
According to report from Bloomberg, the TON Foundation is considering the U.S. simply because it is one of the crucial places for blockchain growth, especially in light of upcoming regulations. TON spokesperson confirmed this plan in a statement earlier today.
Manuel Stotz, a famous investor in digital assets, has been named the new president of the TON Foundation. Stotz, who started Kingsway Capital Partners, will help the foundation expand TON in the U.S. market. “The U.S. will soon become a global crypto center focused on innovation,” Stotz said. He is taking over from Steve Yun, who will still be on the board but will leave the president position.
This shift is due to the trending expectation that the U.S. is going to provide a more friendly environment for cryptocurrency under its new president. With his inauguration scheduled for January 20, crypto supporters are hoping that his administration will address some of the most important regulatory issues on the day.
One concern is how digital assets are treated by banks with many in the crypto space hoping for a change in the rules that counts then as liabilities. Another problem that may be addressed is “de-banking” which has impacted many crypto firms in the U.S.
Meanwhile, Stotz’s appointment is a nig leadership change for the TON foundation. His experience in the field of digital assets should help the foundation become more established in the U.S., where people believe blockchain technology can grow a lot.
Following the announcement, the native token of TON, Toncoin (TON), jumped in price by 4.05% to trade at $5.35. But, the token is still down 5.70% in the last week based on data from CoinMarketCap.
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