tl;dr
Argentina's Chamber of Deputies approved three draft resolutions to establish a special commission to investigate the LIBRA crypto scandal, which has impacted President Javier Milei's administration. The commission, approved with 128 in favor, 93 against, and 7 abstentions, will summon key governmen...
Argentina's Chamber of Deputies approved the creation of a special commission to investigate the LIBRA crypto scandal, involving President Javier Milei's administration. The investigation aims to summon key government officials and gather information on the controversial LIBRA token, which experienced a significant market crash, leading to substantial investor losses. The probe runs parallel to an ongoing judicial investigation examining potential connections between Milei and the developers of LIBRA, amidst calls for legal action by affected investors.
Argentina's Chamber of Deputies approved three draft resolutions to establish a special commission to investigate the LIBRA crypto scandal, which has impacted President Javier Milei's administration. The commission, approved with 128 in favor, 93 against, and 7 abstentions, will summon key government officials and request information from the national government. The scandal involves the promotion of the Solana-based meme coin by Milei, which saw a significant market cap increase before crashing nearly 90%, leading to fraud charges and losses for wallet holders. This investigation runs parallel to an ongoing judicial probe and potential investor lawsuits.
Argentina's Chamber of Deputies voted Tuesday to approve three draft resolutions that would establish a special commission to investigate the LIBRA crypto scandal, which has plagued President Javier Milei's administration since February. "The time has come for Congress to audit whether there is any harm to Argentina: we are committed to the truth," Representative Pablo Juliano told the chamber during Tuesday's debate. La Libertad Avanza party representative Gabriel Bornoroni defended the president during the debate, suggesting the opposition is "creating a show" because "they're bothered by the fact that we had a fiscal surplus throughout 2024, and this year as well." Votes for the creation of an Investigative Commission saw 128 in favor, 93 against, and 7 abstentions. The investigative body will summon key government officials, including Economy Minister Luis Caputo and Justice Minister Mariano Cúneo Libarona. The probe will also invite Chief of Staff Guillermo Francos and Roberto Silva, who leads the country's National Securities Commission. The commission would also request information from the national government as it goes through the investigation. Congressional approval of the probe comes nearly two months after Milei promoted the Solana-based meme coin on his official X account.
PRIVATE PROJECT, PUBLIC PROBE The controversial LIBRA token, which Milei touted as a "private project" to stimulate Argentine economic growth through startup funding, saw its value skyrocket to a $4.5 billion market cap before crashing nearly 90% within hours on February 14-15. Milei deleted his promotional post shortly after the crash and claimed he "did not know the details of the project." Two days later, fraud charges were filed in an Argentine criminal court. The collapse left approximately 75,000 wallet holders with losses exceeding $250 million. The Argentine Congress's investigation parallels an ongoing judicial probe examining possible links between Milei and LIBRA's developers. In March, an Argentine lawyer called for the arrest of Kelsier Ventures CEO Hayden Davis, who allegedly pitched the project to Milei during a January meeting. Earlier this month, a New York-based law firm began a call for investors to back a potential lawsuit. LIBRA marks Milei's second crypto controversy after investors sued him in 2022 for promoting CoinX, a crypto investment platform that promised substantial returns but failed to deliver.