Argentina's President Javier Milei is in trouble with this altcoin! The Congress requested an Inquiry! Here are the details.

The Argentine House of Representatives voted to advance multiple decisions regarding the investigation of government officials linked to the Libra memecoin scandal that has troubled President Javier Milei since the beginning of this year.

Argentina's Congress Moves to Investigate Officials Linked to Libra Memecoin Scandal

Lawmakers are targeting high-ranking officials in the government following President Milei's controversial crypto support.

The lower house of Congress approved three draft resolutions late Tuesday, paving the way for an official investigation into potential abuses by public officials connected to the Solana-based Libra token project.

The investigation will examine whether Milei's dramatic collapse after publicly supporting the memecoin has harmed the Argentine people or violated state regulations.

Congress Investigation Targets Senior Officials

According to the statement made by the House of Representatives, the decisions foresee the establishment of a special investigation committee, the summons of key government officials to testify, and a request for official documents and reports from the Executive.

Among those expected to be called are the Argentine Chief of Staff, the Minister of Economy, the Minister of Justice, and the head of the country's highest financial regulator, the National Securities Commission (CNV).

Pablo Juliano, representative of the Democracy Forever blog, said, "It is time for Congress to check whether it has harmed Argentina; we are committed to the truth."

Not everyone supported the movement. Representative Nicolás Mayoraz from Milei's ruling party La Libertad Avanza described the investigation as an intervention that disrespects the separation of powers and took a step back.

The scandal began on February 14, with the launch of Libra, a Solana-based cryptocurrency, through the Delaware-based firm Kelsier Ventures.

Hours later, President Milei made a post on the social media platform X, formerly known as Twitter, introducing Libra as a project that will provide funding for small businesses and newly established companies in Argentina's struggling economy.

The post includes a link to the token's website and the contract address on Solana, and the initiative was framed as a private project separate from official government policy.

With Milei's support, Libra's fully diluted market cap rose above 2 billion dollars before losing more than 90% of its value within days.