TON Foundation Changes Chairman, Prepares to Expand Operations into the U.S. Market

The TON Foundation, the organization behind The Open Network (TON) blockchain and Toncoin, which is closely associated with the Telegram app, announced a significant leadership change on January 14, 2025. Manuel “Manny” Stotz will take over as Chairman, succeeding Steve Yun.

Under Steve Yun’s leadership, the TON Foundation achieved notable milestones and established a clear vision for its future. While he will no longer hold an executive role, Yun will remain on the Board of Directors, ensuring continuity and the development of existing strategies.

This leadership change is particularly seen as a strategic move to prepare for expanding operations in the U.S. market, anticipating a more favorable regulatory environment under newly elected President Donald Trump. The TON Foundation believes the U.S. is poised to become a global hub for cryptocurrency innovation, marking a significant shift from the strict policies of the Biden administration.

This expectation is not without basis, as The Washington Post reported that Trump is likely to sign multiple executive orders on cryptocurrency on his first day in office, aiming to revitalize the industry in the U.S.

This positive development has reinvigorated the community, especially in light of challenges faced by CEO Pavel Durov in France. Durov was arrested by French authorities in August 2024 on charges of enabling illegal activities on Telegram, causing the TON price to plummet. Although he was released on bail for $5 million, he remains in France under periodic supervision while awaiting trial.

While firmly denying all accusations, Durov has intensified content moderation efforts on Telegram. These measures, along with other improvements, helped Telegram achieve record-breaking revenue exceeding $1 billion in 2024—a historic milestone for the messaging platform.