The controversy has turned what was once a promising regulatory path into political quicksand, leaving Argentina’s crypto landscape in turmoil. The promise of crypto regulation in Argentina, once fueled by the rise of pro-crypto president Javier Milei in late 2023,

The Solana cryptocurrency sank to the lowest level since early November as the president of Argentina became embroiled in a scandal involving a memecoin launched on the token’s blockchain.

Argentina’s libertarian president Javier Milei has been buffeted by a scandal over his promotion of a memecoin that soared in value before collapsing, triggering impeachment calls and lawsuits.