9-4-2025 – Argentina’s Chamber of Deputies has green-lit a comprehensive investigation into the LIBRA cryptocurrency scandal, which sent shockwaves through the nation’s financial landscape following President Javier Milei’s endorsement.
The parliamentary initiative, spearheaded by the “Democracy Forever” coalition, secured substantial cross-party support despite fierce resistance. The triple-pronged approach encompasses the establishment of an investigative committee, ministerial summons, and formal executive branch inquiries.
The scandal, which has wiped out a staggering $250 million in investor capital, stems from a meteoric price surge and subsequent collapse after President Milei’s February endorsement on social media platform X. The head of state had lauded the project’s purported aims of bolstering Argentina’s economic growth and supporting local enterprises.
“Parliament has a fundamental duty to uncover any potential detriment to our nation,” remarked Deputy Pablo Juliano, whilst his colleague Maximiliano Ferraro emphasised the public’s “inherent right to transparency.”
However, the ruling La Libertad Avanza party has mounted significant opposition. Deputy Nicolás Mayoraz condemned the probe as judicial overreach, whilst party leader Gabriel Bornoroni dismissed the investigation as political theatre, pointing to the government’s fiscal achievements and declining inflation rates.
Senior government officials, including Chief of Cabinet Guillermo Francos and Economy Minister Luis Caputo, are amongst those summoned to provide testimony. The Securities Commission chief Roberto Silva and Justice Minister Mariano Cúneo Libarona will also face parliamentary scrutiny.
The controversy centres on allegations that inside traders exploited Milei’s endorsement to offload substantial token holdings, contributing to a devastating 90% market capitalisation plummet that left countless investors in dire straits.
