Argentina, a country known for its citizens’ embrace of crypto as a means of countering devaluation and crippling inflation, was visited by a group of U.S. lawmakers to examine the dynamics of its local markets and regulatory framework.

The group, led by French Hill, Chairman of the House Financial Services Committee, and including Representatives Don Davis, Warren Davidson, Janelle Bynum, Troy Downing, and Tim Moore, met with President Javier Milei to discuss the joint challenges of crypto regulation and examine how the country has fared so far in this regard.

According to a source present at the meetings, lawmakers and Milei met on Monday. “The idea is to explain what the Genius and Clarity Act are, understand the ecosystem, its players, and the main problems and challenges,” the local source commented.

Hill and the representatives would not be interested in specific crypto companies, but in understanding how the local ecosystem works.

The group also met with the Argentine Fintech Chamber and with Lemon, one of the largest exchanges in the country. In social media, the chamber noted the two parties discussed “current challenges, regulatory advances, cryptoassets, and opportunities to build frameworks that support the industry’s growth.”

One of the key subjects discussed in the meeting with Lemon officials included the tax treatment of digital assets in the country and how stablecoins fit into this. “They asked who bears that burden: the users or the companies. They couldn’t believe it was the companies,” local media commented.

Lemon is behind a proposal to upgrade the tax treatment of crypto assets in Argentina while Congress prepares to discuss specific regulation targeting a total overhaul.

Read more: Industry Stakeholders Cautious as Argentina Drafts New Crypto Regulations

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