Overview
Argentina’s lower house of Congress has approved a significant inquiry into the LIBRA cryptocurrency, which has caused turmoil in the nation after being championed by President Javier Milei earlier this year.
In a specially called session by the Democracy Forever bloc, lawmakers enacted three resolutions: setting up an investigative commission, summoning key government officials for testimony, and formally requesting information from the executive branch.
Key Details
- Argentine lawmakers approved the formation of a commission to probe into the LIBRA token.
- Key government officials, including the economy and justice ministers, have been summoned to provide testimony.
Among those called to testify are Chief of Cabinet Guillermo Francos, Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and the head of the National Securities Commission, Roberto Silva, according to the official statement from the Argentine Chamber of Deputies. This legislative move, which garnered a solid majority, also revealed a significant partisan division.
“The time has come for Congress to audit whether there is any harm to Argentina: we have a commitment to the truth,” stated Deputy Pablo Juliano, one of the initiative’s proponents. Conversely, Deputy Nicolás Mayoraz from the ruling La Libertad Avanza (LLA) criticized the lawmaker’s actions as overstepping judicial responsibilities and politicizing the matter.
From the Civic Coalition, Deputy Maximiliano Ferraro asserted that the public deserves transparency, emphasizing Congress’s duty to “demand and investigate it.” At the end of the debate, ruling party leader Gabriel Bornoroni implied that opposition lawmakers were simply “putting on a show.”
“I think it bothers them that we had a fiscal surplus throughout 2024 and that we will have one this year too — and that inflation continues to fall every month,” said Bornoroni. The LIBRA memecoin crisis reportedly resulted in a loss of over $250 million in investor wealth.
The token’s value rose swiftly after its launch in early February when Milei promoted it on Twitter, claiming it would focus on boosting the Argentine economy, supporting small businesses, and Argentine ventures.
Milei’s advocacy led to numerous crypto addresses benefitting, allowing insiders to liquidate significant token amounts, resulting in a 90% drop in the token’s market cap.
Disclaimer: Information for this article was translated with artificial intelligence.
