President Javier Milei’s administration has pivoted from full dollarization to a managed crawling-band exchange-rate system backed by IMF support and a U.S. swap line, leaving the peso as legal tender. No legislative framework or central-bank transition plan has advanced through Congress in the narrow window before June 30, 2026, while recent statements from the president highlight public preference for the peso and a shift toward endogenous dollarization. These policy choices and the absence of momentum create high barriers that traders assess as decisive. Late executive action or an unforeseen legislative push could theoretically change the outcome, yet both face entrenched fiscal, political, and public-preference constraints that have already delayed similar reforms.