Donald Trump’s TIME’s Person of the Year Award and Its Impact on Crypto Regulation

• Time Magazine has awarded Donald Trump their Person of the Year.
• Trump won the award “for driving a once-in-a-generation political realignment.”
• Time’s award could embolden Trump’s pro-crypto views on a mainstream stage.

President-elect Donald Trump has been named Time Magazine’s Person of the Year for the second time.

The increased visibility and celebration of the reelected President, chosen due to his “comeback of historic proportions,” could further amplify his bold views on digital assets and impact their future regulation.

Time’s Person of the Year

The prestigious annual award, which began in 1927, highlights a person or movement that has “done the most to influence the events of the year.”

Trump was last awarded the title in 2016 when the magazine controversially situated the logo’s lettering to look like horns on his head.

The outlet reportedly considered 10 people for the award this year, including Tesla and SpaceX CEO Elon Musk and Vice-President Kamala Harris.

Editor-in-Chief Sam Jacobs told readers that Trump had been chosen due to him “reshaping the American presidency and altering America’s role in the world.”

Trump’s Crypto Promises

Throughout his presidential campaign, Trump has boldly advocated for the crypto industry and pledged to make the U.S. the “crypto capital of the planet.”

The President-elect has called for integrating Bitcoin (BTC) into the national financial strategy through a “strategic Bitcoin reserve.” If this passed, Bitcoin could soon become a national reserve asset and be put on par with gold.

Trump has also championed seeing all Bitcoin mining to be carried out in America. “If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” Trump wrote on TruthSocial.

Finally, the President-elect has promised to end the government’s attack on the crypto industry.

“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry, people that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive,” Trump said at the Bitcoin 2024 conference.

Part of this promise was to fire SEC Chair Gary Gensler on the first day he took office. This led to Gensler’s resignation in November and Trump’s announcement of his replacement, Paul Atkins, last week.

The crypto industry has celebrated Atkins’s appointment, believing he could help usher in a new era of pro-crypto regulation.

The Impact on Crypto Regulation

Trump’s handling of the Time award symbolizes his public recognition and could work to further amplify his pro-crypto rhetoric. This recognition could provide credibility to his administration’s efforts to reshape the regulatory landscape in favor of blockchain innovation.

An increased visibility of Trump and his policies could also strengthen the views of pro-crypto advocates and industry leaders who agree with them.

However, it is unlikely that symbolic gestures will change the minds of those skeptical of Trump’s plans for digital assets. Ultimately, the impact on crypto regulation will come down to the political actions of Trump’s new cabinet.