Argentina’s Anti-Corruption Office Clears President Milei of Wrongdoing in LIBRA Scandal
Date: June 9, 2025
By: Brayden Lindrea
In a significant development for Argentine politics, the country’s Anti-Corruption Office has officially cleared President Javier Milei of any misconduct related to the LIBRA memecoin scandal. The office concluded that Milei’s social media promotion of the cryptocurrency did not violate federal ethics laws, as it was made in a personal capacity rather than as part of his presidential duties.
Anti-Corruption Office’s Decision
In a resolution issued on June 5, the Anti-Corruption Office determined that President Milei acted as an individual when he endorsed the LIBRA token in a post on social media platform X (formerly Twitter) on February 14. According to the office, this endorsement did not involve the use of public resources or official power, thus exonerating Milei from ethical violations concerning his role as president.
The office highlighted that while Milei’s X account sometimes referenced governmental policies, it primarily served as a platform for his personal and political expression. "These characteristics of the personal account on the social network X are typical of any citizen who publicly expresses their political ideas," the Anti-Corruption Office stated in a document translated from Spanish. They emphasized that he was exercising constitutional rights as a citizen of Argentina.
Background of the LIBRA Scandal
The LIBRA token, which gained a $4 billion market cap shortly after Milei’s endorsement, experienced a dramatic decline soon after, plummeting approximately 94%. The fallout from this event led to significant financial losses for investors, estimated to be around $251 million. Members of the opposition party called for Milei’s impeachment, citing concerns about his involvement and the implications of his social media activity.
Despite the Anti-Corruption Office’s declaration of Milei’s innocence, a federal criminal court is still conducting an investigation into his involvement in the LIBRA token issue. Notably, on May 19, Milei signed a decree to disband a task force created to probe the scandal, triggering criticism that the investigation was superficial.
Political Repercussions
While the Anti-Corruption Office’s ruling offers a measure of relief for Milei, it appears to have had an adverse effect on his public image. Data from a March poll by Zuban Córdoba revealed a decline in Milei’s approval rating, falling from 47.3% in November to 41.6% by March, as citizens expressed diminished trust in his leadership following the LIBRA incident.
Critics, including economists and politicians, have voiced skepticism regarding the thoroughness of the investigations into the LIBRA scandal. Itai Hagman, a Chamber of Deputies member, stated in a social media post, “It was always a fake, they never dared to investigate anything, and they’re covering each other up because they’re completely up to their necks in it.”
Conclusion
As the case develops, President Milei continues to assert that he merely "spread the word" about the LIBRA memecoin without endorsing it in the traditional sense. The ongoing investigations and the subsequent public perception will likely play a critical role in shaping Argentina’s political landscape as the nation moves forward from this controversy.
For updates and further developments on this story and other news in the cryptocurrency sector, please stay tuned.
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