A US House of Representatives delegation led by Chairman French Hill met with Argentine President Milei to explore the legal framework and stablecoin tax policies in the country.
A delegation of six US legislators visited Argentina to study the local cryptocurrency ecosystem's operations. The mission took place against the backdrop of Argentina being one of the countries with the highest cryptocurrency acceptance rates globally, primarily due to citizens using digital assets as a tool to protect wealth against hyperinflation and peso devaluation.
Leading the delegation was Congressman French Hill, Chairman of the House Financial Services Subcommittee, along with colleagues Don Davis, Warren Davidson, Janelle Bynum, Troy Downing, and Tim Moore. The delegation held an official meeting with President Javier Milei to discuss legal challenges in cryptocurrency management and learn from Argentina's approach.
According to a meeting attendee, the primary goal of the visit was to "introduce the Genius and Clarity Act and explore the cryptocurrency ecosystem in Argentina, including key entities, core issues, and major challenges". Notably, the delegation did not focus on specific cryptocurrency companies but prioritized understanding the overall digital asset market's functioning in this South American country.
The US Congress's interest in Argentina's model is not coincidental. In a context of high inflation and prolonged economic instability, Argentine citizens have widely adopted stablecoins and other cryptocurrencies as an alternative value preservation mechanism. This phenomenon has created a natural and dynamic asset market, providing valuable lessons for policy-making in other countries.
Tax Policy and Legal Framework Survey
Besides meeting the President, the delegation worked with Argentina's Fintech Industry Chamber and representatives from Lemon exchange, one of Argentina's largest cryptocurrency platforms. The Fintech Chamber confirmed that discussions focused on "current challenges, regulatory progress, cryptocurrency assets, and opportunities to build a supportive legal framework for industry development".
One topic that particularly attracted the US delegation's attention was how Argentina handles taxation for digital asset transactions, especially stablecoins. According to local sources, US legislators were surprised to learn that tax liability for cryptocurrency transactions falls on service providers rather than end-users.
A meeting attendee revealed: "They asked who is responsible for tax payment: users or companies? And they couldn't believe that this obligation belongs to the companies." This approach differs completely from the US cryptocurrency asset tax model, where individual users must self-declare and pay taxes on digital asset transactions.
Currently, Lemon is pioneering proposals to reform the cryptocurrency asset tax system in Argentina. These efforts occur as the Argentine Congress prepares to review a new law aimed at comprehensively changing the existing legal framework for the cryptocurrency sector.
