LIBRA memecoin scandal triggers Argentina's congressional inquiry into Milei

Argentina’s Chamber of Deputies has approved the creation of a special congressional committee to investigate the controversial LIBRA memecoin project tied to President Javier Milei.

The resolution passed on April 9 with 128 votes in favor, 93 against, and seven abstentions.

The committee can summon top government officials and demand records from public institutions. Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, Chief of Staff Guillermo Francos, and Roberto Silva, head of the National Securities Commission, are expected to testify.

Despite the committee’s broad scope, lawmaker Sabrina Selva criticized the decision to exclude President Milei and his sister, Karina Milei, from the investigation. She insisted both should appear before the committee to clarify their roles in the incident.

Selva said:

“There are those who don’t want all officials to come and explain themselves to Congress. Karina Milei, Javier Milei, and Manuel Adorni, whom we had also requested from our bloc, were excluded from the interpellation. We will insist that these officials come and explain themselves to the Investigative Committee”

Another lawmaker, Gabriela Estevez, echoed this sentiment, noting that Argentines deserve transparency on how the fraud was orchestrated and who was involved.

She stated:

“It is necessary for all Argentines to know how the fraud was planned and carried out, and the involvement of the President and each official.”

LIBRA memecoin

The probe follows a sharp decline in public trust after President Milei promoted LIBRA, a project later revealed to have enriched its creator, Hayden Davis, by over $107 million before collapsing.

While President Milei denied any direct involvement in the token’s creation or financial operations, his endorsement has sparked allegations of fraud. However, the President maintains that his token promotion was part of his support for private enterprises.

Nonetheless, the issue has spiraled into a political mess that has deeply ensnared him. Parallel to Congress’ investigation, Argentine prosecutors are conducting a judicial inquiry to trace suspicious transactions and freeze related assets.

At the same time, lawyer Gregorio Dalbón recently called on Interpol to issue a Red Notice for Davis, seeking his arrest over alleged financial misconduct tied to the LIBRA project.