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Javier Milei’s prospects in legislative elections were lifted even as the cryptocurrency scandal revolved around liberal leaders.
The senator voted 43 in favor and had 20 abstentions to cancel this year’s primary election. Argentina’s unusual system forces parties to hold primary elections at the same time months before legislation and presidential polls and act as a rehearsal for general elections, often causing market turmoil.
Milei argues that the cost of running tens of millions of dollars is incompatible with his cost-cutting drivers. But analysts say the government will benefit, too, as Argentina’s scattered opposition party will be denied the opportunity to organize itself before the October midterm elections.
The Senate victory was one of the toughest weeks of Milei’s 14 months in office. The president promoted X’s members on Friday, whose value soared before it collapsed. The coin crash sparked allegations of scams, Miley’s opponent filed dozens of fraud lawsuits, and left-wing Peronist opposition pledged to launch an improvisation lawsuit.
The president denied any misconduct, saying he did not “know the details of the Memecoin project”, although he did meet the person behind it twice.
Miley’s opponents in the Senate were second only to the two-thirds majority that the Senate vote needed to launch an investigation into his role in the cryptocurrency turmoil.
“The victory is needed right now,” said Eugenia Mitchelstein, a political professor at the University of San Andres in Argentina. “This shows that the scandal has not damaged their negotiating strength in Congress so far, at least.”
Miley arrived in Washington Thursday, where he met Tesla CEO Elon Musk, who also advised U.S. President Donald Trump to advise on the government’s efficiency. The Argentinian shared a video in which he showed Musk a chainsaw, which symbolized the cost-cutting plan he led.
Both Millie and Trump will speak at a conservative political action conference in the U.S. capital on Saturday.
The poll shows that while the vast majority of respondents said his role should be investigated, the Memecoin scandal had limited impact on Milei’s support.
His approval rate fell just 1 percentage point to 48.4% in the latest measurement this week, while his rejection rating rose 2 percentage points to 50%.
Senators have not yet reached a two-thirds majority to call on Karina Milei, the president’s sister and chief of staff, for interrogation.
LaNación newspaper reported that she had her first meeting with advisers who later introduced the president to the creator of the coin and she was involved in the scandal.
Argentina’s presidential spokesman declined to comment on the report.
