La Libertad Avanza (LLA), the party of Argentine President Javier Millei, easily won the 2025 midterm elections. But the cryptocurrency industry doesn’t necessarily have reason to celebrate.
Millay endeared himself to many in the cryptocurrency industry for his pro-cryptocurrency rhetoric. He called central banks “frauds” and said Bitcoin (BTC) is a “natural response to central bank fraudsters.”
The economist-turned-president has publicly said that cryptocurrencies can address some of Argentina’s economic problems. “If you want to use Bitcoin, there’s no problem because there will be free competition between currencies,” he said.
However, despite his clear pro-crypto rhetoric, actual progress on Millais’ pro-crypto agenda has been limited.
Millais’ cryptographic rhetoric stalls
In 2019, Millay, a television personality and author, appeared at Buenos Aires Comic Con in a “General Ankapu” costume. The anarcho-capitalist “superhero” who mocked Keynesian economics and collectivism embodied the irreverence that defined his subsequent political career.
Millay’s controversial economic policies, from playing a liberal superhero to gifting Elon Musk with an austerity chainsaw, have endeared him to many in the crypto industry.
In the run-up to the 2023 victory, and soon after, Millais also made some pro-crypto comments. But when it came to policy, he didn’t follow through.
When Congress was considering Argentina’s Law on the Foundations and Starting Points for Freedom, it decided to omit the provisions for crypto investors. Lawmakers cut parts of an omnibus bill that imposed a one-time regularization tax on cryptocurrencies. The clause was intended to give momentum to Milais’ bid to become president, but the interior minister said he withdrew the amendment because it would delay the introduction of the bill.
The government also introduced a regulatory framework for virtual asset service providers (VASPs) in March. According to global law firm DLA Piper, the National Securities Commission has previously taken a “lenient approach by not requiring virtual currency issuers, exchanges, or virtual currency providers to register or enforce securities laws.”
With the enactment of Law No. 27,739 on March 15, the situation has changed. VASPs are now required to report and monitor illegal activities under anti-money laundering regulations.
There also seems to be a knowledge gap. Carlos Maslaton, an Argentinian financial analyst, Bitcoin maximalist and lawyer, said he and Millay “talked quite a bit about Bitcoin back in 2013 or 2014, and he listened to me very carefully. But the truth is, I don’t think he fully understood the essence of it.”
Ramiro Mara, a current member of the Buenos Aires city government and a former member of the LLA, said he struggles to find people in government who have a solid understanding of cryptocurrencies.
“I can’t find anyone who knows anything. [crypto]. In fact, most people are inexperienced, so I hope they don’t discuss this area of law just because they don’t understand it. “That’s why I think it’s a very serious risk to talk about regulation, because you’re putting it in the hands of completely ignorant people,” he said.
Millais remains at least nominally open to the idea of cryptocurrencies, but even that has been complicated by the LIBRA memecoin scandal.
Medium-term profits expand due to meme coin scandal and President Trump bailout
In February, Millay was embroiled in a scandal surrounding the pumping and destruction of a meme coin called Libra.
Initially promoted as a way to fund Argentina’s entrepreneurs and promote economic development, the token’s price soared and then crashed after Millay posted about it on X.
Related: Millay’s “Libragate” fiasco took months to unfold, and days to unfold.
The ensuing scandal even involved Barstool Sports founder David Portnoy, and an official investigation into Millay’s involvement began. In April, the lower house of Argentina’s parliament, the Chamber of Deputies, approved an investigation into Libra, but it did not directly implicate Milay.
Argentina’s main opposition group, the United Fatherland (UxP), called for the articles of impeachment against Milay to be made public. Their request was denied.
Milley disbanded the task force by May 20, having completed its mission and found no wrongdoing by the president. Millais publicly denied that he was at fault, saying he did not promote the project, but merely “shared it.” He also pointed out that most of the investors who lost money were Chinese or American. “Did Argentines lose money? Four or five at most,” he said.
In addition to scandal, Millais had to contend with limited policy success. Although he succeeded in curbing inflation, Argentines took to the streets to protest his austerity policies. Police have cracked down in retaliation, and human rights groups are concerned about increasing repression.
LLA’s victory was all the more surprising given its low pre-election support ratings.
Gustavo Córdoba, director of Argentine polling firm Zubán Córdoba, said Argentines may have been willing to give the LLA a second chance and wanted to avoid a repeat of the economic crisis.
“Many people wanted to give the government another chance… It remains to be seen how much time Argentine society will give the Argentine government. But this victory is undisputed and unquestionable,” he said.
“We cannot solve in two years all the problems that this country has had for 100 years,” said Gonzalo Roca, the main candidate for Cordoba’s LLA. He added that the country was on the “right path”.
Some have raised the possibility that President Donald Trump’s $40 billion economic stimulus package could influence the election. President Trump has publicly stated that the package is contingent on LLA’s performance in the midterm elections.
President Trump: “In Argentina, we want to congratulate the winner. And he received great support from us.” pic.twitter.com/vG3pamNuEe
— Aaron Looper (@atrupar) October 27, 2025
Peronist Itai Hagman called this “clear interference in another country’s internal affairs.” Hagman said ahead of the vote that Argentines “will protect their sovereignty and democracy. They will not vote based on what the president of another country says, but based on their own interests and will.”
Hagman was wrong in his prediction whether voters chose LLA to avoid further government chaos or as a way to ensure that America’s lifelines were not cut off.
With the LLA’s recent victory, Millais has a broader mandate to influence his political agenda. Whether cryptocurrencies are part of that remains to be seen.
magazine: Mysterious Mr. Nakamoto Author: Finding Satoshi Will Damage Bitcoin