Argentina Opens LIBRA Investigation, Top Officials May Be Implicated

Argentina’s Chamber of Deputies has passed several resolutions to dig deeper into the scandalous LIBRA cryptocurrency failure, whose possible connections with President Javier Milei are also now being scrutinized.

The Chamber of Deputies voted for a special committee to be created, for summoning government representatives, and for demanding detailed documentation on the collapsed crypto token.

Political Divide Emerges Over Investigation Powers

The establishment of a special commission was approved with 128 votes, 93 against, and seven abstentions, which underlines the political pressures that surround the case.

Lawmakers also authorized a bill to call up senior officials from the executive branch, such as Economy Minister Luis Caputo, Chief of Staff Guillermo Francos, Justice Minister Mariano Cúneo Libarona, and National Securities Commission President Roberto Silva. This resolution passed narrowly with 131 votes supporting and 96 opposing.

A third resolution requesting detailed information from the Executive Branch about the LIBRA token received 135 votes in favor, 84 against, and 7 abstentions.

According to reports, these measures came in response to growing concerns about whether the cryptocurrency’s downfall harmed Argentina’s financial interests.

Lawmakers Split Along Party Lines

Members of parliament expressed sharply different views during the legislative session. Pablo Juliano from the Democracy Forever bloc emphasized the need for legislative oversight of the situation.

His position stood in stark contrast to Nicolás Mayoraz of President Milei’s La Libertad Avanza party, who warned the commission could overstep judicial authority.

Other lawmakers took middle positions. Oscar Agost Carreño of Encuentro Federal and Karina Banfi from the UCR stressed the legislature’s responsibility to demand political accountability.

Banfi noted that investigations are already happening at both national and international levels. Maximiliano Ferraro from the Civic Coalition argued for the public’s right to transparency in the matter.

Gabriel Bornoroni, the La Libertad Avanza bloc leader, dismissed the opposition’s efforts. He claimed they were simply trying to disrupt government progress, pointing to the fiscal surplus achieved in 2024 and claiming that inflation has been steadily decreasing under the current administration.

The political debate follows serious legal challenges against LIBRA token creator Haydone Davis. On March 13, Argentine lawyer Gregorio Dalbon asked Interpol to issue a Red Notice for Davis, whose company Kelsier Ventures launched the LIBRA token in February.

Based on reports, Argentine prosecutors have identified Davis as the main person responsible for the token’s collapse, which caused widespread financial losses.

The scandal has now crossed borders, with Burwick Law, a major cryptocurrency legal firm, filing a lawsuit against Kelsier Ventures and two related platforms: Meteora and KIP Protocol.

The legal action seeks to recover profits and provide compensation for affected investors in the United States.

Featured image from Vox, chart from TradingView