Milei’s party wins midterms, but crypto won’t celebrate
Despite Javier Milei's party winning Argentina's midterms, the crypto industry has little reason to celebrate due to limited policy progress.Summary
Javier Milei's party, La Libertad Avanza (LLA), won the 2025 midterm elections, yet the crypto industry remains unenthusiastic despite Milei's past pro-crypto rhetoric, such as calling central banks a scam and supporting Bitcoin.
Milei's actual policy follow-through on crypto has been limited; a proposed one-time regularization tax on cryptocurrencies was cut from the omnibus bill, and new regulations for Virtual Asset Service Providers (VASPs) now mandate Anti-Money Laundering monitoring, moving away from a lenient approach. Furthermore, there appears to be a significant knowledge gap regarding crypto within his administration, according to analysts.
Compounding these issues is the 'LIBRA' memecoin scandal, where Milei was entangled after posting about the token, leading to investigations, though he denied wrongdoing. Despite these setbacks and protests against his austerity measures, LLA secured a victory, possibly motivated by a desire to avoid further economic crisis or to secure a conditional $40-billion economic stimulus package from US President Donald Trump.
(Source：Cointelegraph)