A new investigative report by Argentine newspaper Clarin has uncovered a previously undisclosed agreement between President Javier Milei and Hayden Davis, the CEO of Kelsier Ventures, signed just two weeks before the launch of the Libra cryptocurrency project. The agreement, drafted in Spanish and kept confidential, designates Davis as an “ad-honorem” blockchain and artificial intelligence (AI) advisor for the Argentine government.
Key Terms of the Agreement
The document does not explicitly mention Libra but outlines Davis's role in providing “professional support, aligned with global trends in decentralization and technological modernization, ensuring the highest quality and confidentiality at every stage of the consultation.” His responsibilities include smart contract automation, digitization of public documents, development of digital innovation ecosystems, and blockchain training. Crucially, Davis agreed to keep all information in the document “secret” and maintain “the strictest confidentiality, except by legal authorization or express instruction from the competent authority.”
Timeline and Implications
Libra, which was marketed as a tool to help Argentine companies raise capital, was launched and subsequently collapsed, causing losses exceeding $100 million for tens of thousands of investors. President Milei had previously stated that his involvement was purely incidental, limited to sharing the token's smart contract on social media. The newly revealed agreement, signed before Libra's launch, suggests a deeper and more structured relationship between Milei and Davis. The nondisclosure agreement further raises questions about transparency and potential conflicts of interest.
Legal and Political Fallout
Two legal actions are currently underway against Libra's organizers—one in the United States and one in Argentina. This revelation could strengthen the plaintiffs' cases by linking Milei more closely to the project. Maximiliano Ferraro, the head of a congressional committee that investigated Libra, stated: “We were right. That's why the pressure and the secrecy. That's why the nervousness surrounding the progress of the Investigating Commission and the Final Report. Now what they tried to cover up for months will be revealed.” The failure to disclose this agreement has drawn sharp criticism from local lawmakers and may damage Milei's political standing, especially given the severe financial harm suffered by investors.
Looking Forward
It remains to be seen whether this new evidence will alter the course of the legal proceedings. Regardless, the revelation underscores the need for greater oversight of cryptocurrency projects involving government officials. The Milei administration's credibility is now under increased scrutiny as the Libra scandal continues to unfold.