On Tuesday, Argentina’s lower house of Congress voted to initiate an investigation into high-ranking government officials associated with the controversial Libra token. This decision follows the token’s rapid decline after President Javier Milei’s promotion of it on social media earlier this year.
The motion was passed with a vote count of 128 in favor, 93 against, and seven abstentions. Although a similar effort had previously stalled in the Senate, this new commission will delve into potential wrongdoing related to the token’s introduction and its subsequent collapse.
During the debate, Representative Oscar Agost Carreño emphasized the necessity of holding officials accountable, stating, “It is our duty to demand political explanations; to comply with democratic rules so that they can survive and build a network of trust.”
Diputados | Votación por bloque de la comisión investigadora del Criptogate $LIBRA https://t.co/GwxZtznDfD pic.twitter.com/aB36MBu04t
— Elecciones Argentina 2025 
(@ArgElecciones) April 9, 2025
Milei’s Administration Under Investigation for Libra Token Debacle
The commission plans to summon prominent figures from Milei’s cabinet, including Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, Chief of Staff Guillermo Francos, and Roberto Silva, the head of the National Securities Commission. It will also seek documentation from various government departments to aid its investigation.
This inquiry arises from a February post on President Milei’s official X account, where he characterized the $LIBRA token as “a private project dedicated to encouraging the growth of Argentina’s economy by funding small businesses and startups,” linking to its smart contract.
Following Milei’s endorsement, the token experienced a spike, quickly surpassing $5 and achieving a market capitalization exceeding $4.5 billion. However, within hours, its value plummeted by over 90% as insiders reportedly sold their assets, leading to investor losses estimated at around $250 million.
Legal and Political Consequences from ‘Cryptogate’ in Argentina
In response to the fallout, Milei removed the post and insisted he merely shared information without endorsing the project. His administration has referred the matter to the Anti-Corruption Office for investigation. Nonetheless, detractors charge that he had a role in promoting what they label a scam, coining the term “Cryptogate” to describe the incident, a phrase popularized by opposition leaders such as former president Cristina Kirchner.
Over 100 criminal complaints have been lodged, accusing officials of fraud, market manipulation, and breaches of public trust.
This newly sanctioned congressional investigation places additional scrutiny on Milei’s government to clarify its participation in the token’s promotion and the subsequent fallout. The case also highlights broader concerns regarding the involvement of political figures with unregulated digital assets in Argentina, a nation already facing challenges of high inflation and economic instability.
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