Argentine Congress to Formally Investigate Government Officials' Involvement With Libra

The lower chamber of the Argentine Congress approved the creation of a commission to formally investigate the involvement of government officials with Libra, the cryptocurrency shared by President Javier Milei. The group will begin its investigative work on April 23.

Argentine Congress to Open Libra Probe

The lower chamber of the Argentine Congress approved the creation of a commission that will be focused on investigating the involvement of high officials of the government in the launch and debacle of La Libertad Avanza, also known as the Libra token.

The initiative, whose result was qualified as a “hard setback” by local media, received the support of 128 representatives from left-leaning blocs, while 93 representatives rejected the idea and only 7 abstained from voting.

24 representatives will be in charge of this investigation, which will examine different testimonies to determine whether President Javier Milei, his sister Karina Milei, and other officials took part in the launch and subsequent debacle of the currency.

The commission will start its investigative tasks on April 23, and it will have three months to issue a report on its findings, assigning responsibilities to the ones involved.

Libra was first revealed to the world by Milei, who stated that the token would be used to support Argentine small and medium enterprises (SMEs) in February. Nonetheless, just a few hours later the price of the token fell enormously, leaving tens of thousands of users affected.

Milei denied having any responsibility for the incident, claiming he did not endorse it but only shared the token info using his social media account. He compared meme coin investments to a casino, stressing that “if you go to the casino and lose money, it’s your problem.”

The congressional investigation joins that of other national and international organizations, including the Argentine courts and even the Department of Justice, seeking to ascertain the truth of the facts surrounding Libra.

Individuals allegedly involved in Libra’s launch also face a class action lawsuit in New York. The lawsuit, introduced by Burwick Law in March, alleges that the token misled its buyers and harmed investors.

Read more: The Libra Incident: Examining Argentine President Javier Milei’s Confusing Token Endorsement and Its Destructive Aftermath

Read more: Libra’s ‘Misleading Launch’ Faces Class-Action Lawsuit