- Argentina’s Congress approved a probe into the LIBRA memecoin tied to President Javier Milei.
- Lawmakers will summon top officials and request details from the executive about the token.
- LIBRA crashed, leaving $250M in losses, sparking legal action and political backlash.
Argentina’s ongoing crypto saga has taken a dramatic turn. On Tuesday, Congress voted to launch a formal investigation into the LIBRA memecoin. The token is allegedly tied to President Javier Milei’s administration and has stirred national debate since February.
The Chamber of Deputies approved three draft resolutions. The first established a special commission to examine LIBRA’s development and crash. The resolution vote passed with 128 in favor with 93 against it and 7 absentees. The second summoned top government officials for questioning, which included the Chief of Staff Guillermo Francos and Economy Minister Luis Caputo. Justice Minister Mariano Cúneo Libarona and Securities Commission head Roberto Silva are also expected. The third resolution demanded a formal report from the executive branch to clarify if the government was involved in LIBRA’s launch and collapse.
During the debate, Representative Pablo Juliano said Congress must audit any harm done to Argentina, adding that lawmakers are committed to finding the truth. The LIBRA token surged to a $4.5 billion valuation in February before crashing by 90% in less than 48 hours. President Milei promoted the token in an X post, calling it a “private project”, aimed at funding Argentine startups. After the crash, he deleted the post and distanced himself from the project.
Related: Argentina Moves to Freeze $100M in LIBRA Crypto Assets
Roughly 75,000 wallet holders lost more than $250 million. Argentina’s judiciary is now investigating potential links between Milei and LIBRA’s creators. A lawyer has also called for the arrest of Hayden Davis, CEO of Kelsier Ventures, who allegedly pitched LIBRA to Milei in January.
Representative Nicolás Mayoraz, of the ruling La Libertad Avanza party, argued that the commission is invading judicial territory, but most lawmakers supported the probe. “Society has the right to know the truth,” said Civic Coalition Representative Maximiliano Ferraro.
Representative Karina Banfi emphasized that national and international courts are already investigating and urged Congress to take responsibility.
The move marks the first time a memecoin linked to a sitting president faces such scrutiny. LIBRA is Milei’s second crypto controversy. In 2022, investors sued him over failed promises tied to CoinX. As global eyes turn to Buenos Aires, Congress now holds the next move in Argentina’s crypto rollercoaster.
