Catenaa, Thursday, April 10, 2025-Argentina Chamber of Deputies voted Tuesday to establish a special commission to investigate the controversial LIBRA cryptocurrency scandal, which has rocked President Javier Milei’s administration since February.
The vote passed with 128 in favor, 93 against, and 7 abstentions. The commission will probe potential harm to Argentina’s economy, with lawmakers promising a thorough review of the events surrounding the token’s rise and collapse.
Representative Pablo Juliano, who supported the probe, emphasized the need for transparency, declaring, “The time has come for Congress to audit whether there is any harm to Argentina: we are committed to the truth.”
However, Gabriel Bornoroni of the La Libertad Avanza party defended the president, accusing the opposition of politicizing the issue, suggesting that their frustration stems from Argentina’s fiscal surplus in 2024.
The scandal centers around LIBRA, a Solana-based meme coin that President Milei promoted as a “private project” to stimulate Argentina’s economy. Its value soared to a $4.5 billion market cap before plummeting by nearly 90% in mid-February, causing substantial losses for investors. The crash left 75,000 wallet holders with losses exceeding $250 million.
A separate investigation is also underway regarding potential links between Milei and LIBRA’s developers, including Kelsier Ventures CEO Hayden Davis. The investigation comes as Milei faces fraud charges related to the failed token, marking his second crypto-related controversy after his promotion of the CoinX platform in 2022.
