The Argentine Chamber of Deputies has approved the formation of a special commission to probe the failing Libra memecoin project, which has been tied to President Javier Milei and his political friends. The panel will investigate how the cryptocurrency was promoted and the events preceding its collapse, which resulted in significant financial losses for investors. 

Lawmakers Launch Probe Into Suspicious Crypto Project

Argentina’s Chamber of Deputies, on 8 April 2025, voted in favor of a motion to initiate an official investigation into the now-dead Libra cryptocurrency, a memecoin which is claimed to be connected to President Milei. Three Libra cryptocurrency-related measures were adopted by the Chamber of Deputies. These include establishing an investigating panel, recalling many high government officials for questioning, and asking specific information from the national government regarding its involvement in the project. 

The first motion was “approved by 128 votes in favor, 93 against, and 7 abstentions”, and it paved the way for a parliamentary inquiry into the origins of the token, funding sources, and political connections. According to the official press release, 

“The Chamber of Deputies approved three draft resolutions related to the Libra cryptocurrency, which include the creation of an investigative commission, the subpoena of various executive branch officials, and the request for information from the national government.”

Legislators also agreed to investigate top government officials, and this resolution 

“To question various executive branch officials about the Libra cryptocurrency was approved by 131 votes in favor and 96 against. The invitation includes the Chief of Staff, Guillermo Francos; the Minister of Economy, Luis Caputo; the Minister of Justice, Mariano Cúneo Libarona; and the head of the National Securities Commission (CNV), Roberto Silva.” 

All three resolutions passed with broad support, despite objections from some members of the ruling La Libertad Avanza party. This marks the first time Argentina’s legislature has agreed to investigate a crypto issue involving political figures—a move many lawmakers see as key to preserving public trust and protecting investors from politically linked financial schemes.

Lawmakers Say Crypto Token Misled the Public

The Libra token was launched on 14 February and quickly became popular in Argentina. It employed slogans and designs that were strikingly similar to President Milei’s campaign, such as the slogan “Long live freedom,” causing some investors to think it had official support. According to reports, President Milei endorsed the token on X, describing it as a vehicle for “boost[ing] the Argentine economy.” 

The coin soon increased in value by more than 3,000% before plummeting by 90% just hours later after Milei deleted the article and claimed he did not know the full specifics of the scheme. His government then characterized the incident as a typical display of support for entrepreneurship. As reported by a user by the name db on X, President Milei said he merely provided details about the LIBRA token and never recommended anyone invest it. 

Conclusion

Although Milei’s team argues the probe is motivated by politics, detractors see it as a necessary step to protect the public and guarantee bitcoin is not used to deceive or exploit individuals. Legislators argue that the inquiry is not an assault on technology, but rather a necessary measure to monitor the connection between public influence and financial products. Representative Pablo Juliano of the Democracy Forever party said, 

“The time has come for Congress to investigate whether Argentina was harmed in any way. We are committed to uncovering the truth.”