Investigation Into Libra Meme Coin Scandal Gains Momentum in Argentina's Chamber of Deputies
The resolutions involve forming a dedicated commission to scrutinize the circumstances surrounding the crypto and summoning key government figures, including the chief of staff, the economy minister, the justice minister, and the head of the National Securities Commission.
This investigation follows President Javier Milei's endorsement of the Solana-based Libra token shortly after its launch on Feb. 14. Milei promoted the crypto on social media, suggesting it would support small businesses and stimulate the economy. Initially, Libra achieved a market cap exceeding $2 billion but subsequently plummeted, losing over 90% of its value.
Following this decline, Milei retracted his support and claimed he lacked prior knowledge of the project's specifics.
The push for inquiry has sparked political contention. Representative Pablo Juliano of the Democracia para Siempre block emphasized the necessity of accountability, saying in a translated statement, "It is time for Congress to audit whether there is harm to Argentina."
Conversely, Representative Nicolás Mayoraz from the La Libertad Avanza party criticized the investigation as an unwarranted interference with the separation of powers.
Further complicating the situation, Kelsier Ventures CEO Hayden Davis, who claimed to be an advisor to Milei regarding Libra, has faced legal challenges, including a request for an Interpol Red Notice.
Reports suggest that Davis has been involved in other meme coin projects, raising questions about the volatility and regulatory oversight of such cryptocurrencies in Argentina.
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