The promise of crypto regulation in Argentina, once fueled by the rise of pro-crypto President Javier Milei in late 2023, has come crashing down as hopes for progress in the sector’s regulatory framework vanish following the scandal surrounding memecoin Libra (LIBRA).

A new report cites text messages that appear to show the crypto mogul bragging about exerting some sort of control over the Argentinian leader.

It was unclear if any money was exchanged between Davis and Milei's inner circle in advance of Libra's launch.