Argentina’s Chamber of Deputies has approved several initiatives to investigate the LIBRA cryptocurrency, which has stirred controversy since its promotion by President Javier Milei earlier this year.
During a special session convened by the “Democracy Forever” coalition, lawmakers endorsed three key resolutions: the establishment of an investigative committee, the calling of key government officials to answer questions, and a formal inquiry for data from the executive branch.
Prominent figures such as Chief of Cabinet Guillermo Francos, Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and National Securities Commission head Roberto Silva have been called to testify. The resolutions received a solid majority but were met with significant opposition, highlighting divisions among the political parties.
“The time has come for Congress to assess whether there has been any damage to Argentina; our commitment is to uncover the truth,” stated Deputy Pablo Juliano, a proponent of the initiative. Conversely, Deputy Nicolás Mayoraz from the ruling La Libertad Avanza party criticized the move, alleging that lawmakers were overstepping their authority and politicizing the matter.
Deputy Maximiliano Ferraro from the Civic Coalition expressed that society deserves transparency, emphasizing that it is Congress’s responsibility to “demand and investigate it.” Meanwhile, ruling party leader Gabriel Bornoroni concluded the debate by suggesting that opposition members were merely putting on a performance.
“I believe they are troubled by the fact that we maintained a fiscal surplus throughout 2024 and will continue to do so this year, while inflation is falling month by month,” Bornoroni remarked. Research indicates that the LIBRA memecoin debacle has wiped out over $250 million in investor wealth.
The coin’s value soared shortly after its early February launch, following Milei’s promotion on social media, where he claimed it aimed to “promote the growth of the Argentine economy, fund small businesses, and support national enterprises.”
However, this promotion led to a surge of crypto transactions facilitating insiders to offload significant numbers of tokens, resulting in a staggering 90% decline in the token’s market cap.