NDA Sparks Probes Into Milei's Libra Ties Amid Market Uncertainty

Argentina's political and financial landscape has been shaken by revelations linking President Javier Milei to the controversial cryptocurrency project Libra. According to a report by Clarín, Milei signed a non-disclosure agreement (NDA) with Hayden Davis, CEO of Kelsier Ventures, just weeks before the launch of Libra in late 2025. The agreement, which designates Davis as an "ad-honorem" blockchain and AI advisor to Argentina, has raised eyebrows due to its timing and secrecy.

The document outlines Davis's role in providing professional support in smart contract automation, public document digitalization, and blockchain training, all under strict confidentiality.

Notably, the agreement does not mention Libra but establishes a connection between Milei and a U.S. investor tied to the failed cryptocurrency initiative.

The timing of the agreement has fueled speculation about Milei's involvement in Libra's launch, particularly as the project collapsed shortly after its debut, leaving investors with losses exceeding $100 million. The president has since dismissed his role as "incidental," but critics argue the revelation could damage his political credibility.

Why This Development Matters

The NDA raises legal and ethical questions, especially given the ongoing investigations into Libra's collapse. Two legal actions are currently underway, one in the U.S. and another in Argentina, with the latter led by congressional committee member Maximiliano Ferraro. Ferraro stated that the secrecy surrounding the agreement confirms the existence of a cover-up and suggests a deeper level of coordination between Milei and Libra's organizers.

The document's confidentiality clause has also drawn scrutiny. By signing the NDA, Davis agreed to keep the details of his advisory role hidden, potentially misleading the public about the nature of his relationship with the government. This lack of transparency has led to calls for greater accountability, particularly from lawmakers who argue that such undisclosed agreements undermine democratic governance.

Political and Legal Implications

Milei's failure to disclose the NDA has already triggered criticism from local political figures. Some lawmakers have accused him of failing to act in the public interest, particularly given the financial fallout from Libra's collapse. The agreement has also reignited debates about the role of foreign investors in Argentina's digital economy and whether such partnerships should be subject to greater regulatory oversight.

From a legal standpoint, the document could complicate ongoing efforts to hold Libra's organizers accountable. If investigators can establish a direct link between Milei and Davis's advisory work, it may force them to reevaluate the timeline of events leading up to the project's launch. The president's social media activity-specifically the sharing of Libra's smart contract-has already been cited as evidence of his involvement.

Looking Ahead for Argentina's Tech and Crypto Sectors

The revelations could have long-term implications for Argentina's blockchain and AI strategy. While the agreement designates Davis as a consultant for digital innovation ecosystems, it also highlights the risks of opaque partnerships with foreign entities. Investors and tech experts will be watching closely to see how the government navigates the fallout and whether it will adopt a more transparent approach in future tech collaborations.

For now, the focus remains on the legal proceedings and Milei's political future. If the NDA is deemed to have compromised public trust, it could influence voter sentiment in an already polarized political climate. The outcome of these developments may also shape Argentina's broader stance on cryptocurrency regulation, particularly as neighboring countries like Ghana move to formalize crypto trading laws.