What happened? Milei’s pro-crypto party scored a surprise midterm win and tripled its congressional seats.
Milei’s La Libertad Avanza won roughly 40.7% of the vote, boosting its representation to 101 seats in the lower house and 20 in the Senate. The victory cements his influence ahead of the 2027 presidential race and reverses earlier provincial losses. Markets reacted quickly, with Argentine assets and the peso rallying and crypto trading activity picking up as investors saw a clearer path for reforms.
Who does this affect? Ordinary Argentines, investors, and crypto businesses will feel the immediate effects.
Citizens face the likely continuation of austerity measures and subsidy cuts that could raise living costs and pressure jobs. Domestic and international investors, plus crypto firms and VASPs like Coinbase and Bybit, stand to gain from clearer rules and easier market access. Provinces, regional partners like El Salvador, and global crypto players are also watching closely as Argentina positions itself as a potential regional crypto hub.
Why does this matter? The win could reshape markets by accelerating liberalization, boosting crypto adoption, and drawing foreign capital — but it also raises political and volatility risks.
A stronger pro-crypto legislature reduces policy uncertainty and increases the odds of passing deregulatory measures, ETF access, and VASP-friendly rules, which can attract foreign capital and institutional crypto flows. That could support a firmer peso, higher local asset prices, and faster growth in crypto trading via CEDEARs and regulated exchanges. However, prior scandals and the inherent unpredictability of populist politics mean investors should expect heightened volatility and mixed risks alongside those potential gains.