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.
Argentine Lawyer Calls for Arrest of Crypto Entrepreneur Tied to Libra Scandal
The LIBRA crypto scandal that rocked Argentina's political landscape entered a new phase this week after Gregorio Dalbon, an Argentine lawyer, formally requested the international detention of Hayden Davis, the crypto entrepreneur identified as the alleged central figure behind the token's collapse. The petition, submitted Tuesday to lead prosecutor Eduardo Taiano and Judge María Servini, seeks an Interpol Red Notice to facilitate Davis's detention and extradition from the U.S. Dalbon, who repre...
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.
Argentine President Milei Hit With Fraud Charges Over LIBRA Cryptocurrency: Report
Argentine President Javier Milei faces fraud charges over his promotion of the LIBRA cryptocurrency, which soared above a $4 billion market cap minutes after launching on Friday before crashing spectacularly just hours later. The charges, filed Sunday in an Argentine criminal court, were brought by attorneys and political opponents of Milei, including former head of the Argentine Central Bank Claudio Lozano, according to the Associated Press. The complaint alleges that the team behind the LIBRA...
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.
Edited by Sebastian Sinclair
