Argentine President Javier Milei's party, La Libertad Avanza, secured a resounding victory in the 2025 midterm legislative elections, capturing approximately 41% of the national vote and breaking Peronist dominance in key provinces like Buenos Aires, Mendoza, Córdoba, and Santa Fe.
The win boosts Milei's congressional control, with his bloc now holding 101 out of 257 deputies and gaining influence in the Senate, strengthening his push for tax, labor, and pension reforms ahead of the 2027 presidential race. Milei stated, "During the first two years, we avoided falling off the cliff. In the next two years, we will continue the reformist path to Make Argentina Great Again... Our priority will be to give 47 million Argentines a better future."
However, the political triumph is clouded by the deepening LIBRA meme coin scandal. In February, Milei endorsed LIBRA on social media, triggering a surge that pushed its market cap above $4 billion, but it crashed 94% within hours amid allegations of insider trading and market manipulation, causing significant investor losses.
Milei has denied involvement, but an Argentine prosecutor ordered forensic searches of his and his advisors' phones in October, and criminal investigations are targeting his inner circle. U.S. Judge Jennifer Rochon noted that Milei, his sister Karina, and promoter Hayden Mark Davis likely control LIBRA assets, further eroding trust. Polls show Milei's popularity plummeted, with 57.6% of Argentinians lacking confidence in his leadership post-scandal.
