Argentina’s lower house of Congress has voted to form an investigative commission to examine the controversial $Libra cryptocurrency project, which has been linked to President Javier Milei and alleged financial misconduct. The measure passed with 128 votes in favor, 93 against, and seven abstentions—marking a significant political blow to Milei’s administration, which had already suffered a setback days earlier when the Senate rejected his nominations for the Supreme Court.
The newly approved commission will look into what lawmakers described as a “sequence of events surrounding the promotion and dissemination” of the $Libra digital currency, which allegedly resulted in substantial financial losses for both local and international investors. The initiative received support from opposition parties, as well as from centrist and left-leaning blocs, highlighting growing fractures in Milei’s political backing. Notably, key allies like the Radical Civic Union and former President Mauricio Macri’s PRO party showed signs of division in their votes.
The House of Deputies also moved to summon four top government figures for questioning. Chief of Staff Guillermo Francos, Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and Roberto Silva—the head of Argentina’s National Securities Commission (CNV)—are expected to appear before Congress on Tuesday, April 22. Their testimonies will be sought regarding their knowledge of and involvement in the $Libra scheme. So far, only one resignation has occurred in connection with the scandal: Sergio Morales, a CNV advisor, stepped down amid mounting pressure.
The controversy gained momentum after President Milei personally endorsed $Libra on his social media platforms on February 14, claiming the cryptocurrency would support Argentina’s economic recovery and benefit small businesses. He included a direct link for users to access the currency. An estimated 40,000 people purchased the digital asset, which initially surged in value before rapidly collapsing—leaving widespread financial losses in its wake.
Legal complaints filed in both Argentina and the United States allege that $Libra was launched mere minutes before the president’s promotional post, raising suspicions of market manipulation. Further scrutiny has emerged following reports that Milei and key officials held prior meetings with the business figures responsible for launching the cryptocurrency.
As investigations unfold, the $Libra scandal represents one of the most significant political and legal challenges to Milei’s government since he took office 16 months ago. The unfolding case is expected to have far-reaching implications both for the administration’s credibility and for the regulation of digital assets in Argentina.
