Argentina Clears President Milei in Crypto Scandal Over Libra Token
The OA concluded that Milei’s now-deleted promotion of LIBRA on his individual X account did not include public resources, institutional support, or any link to federal government action. “This should be translated as an act of private or personal communication,” the OA stated, distancing the post from any formal public policy.
From Market Boom to Collapse: The Rise and Fall of $LIBRA
Milei backed the Libra cryptocurrency in early 2025 as a tool to empower small companies and start-ups in Argentina. The post assisted send LIBRA’s market cap skyrocketing to over $2 billion– just to see the token crash 90% quickly after, removing millions in financier capital.
The fallout, dubbed “Cryptogate” by Argentine media, set off extensive backlash. Opposition leaders called for Milei’s impeachment, while legal representatives filed suits on behalf of people who suffered heavy financial losses.
President Requested Ethics Probe to Set Record Straight
Milei proactively required the OA to investigate his actions, asking for an evaluation into whether he or any government main breached ethical conduct standards.
The move was seen as an attempt to take control of the narrative and affirm that the LIBRA post was made in an individual capacity, not as a recommendation tied to federal government policy.
Conclusion: Case Closed, However Debate Lingers
Although the OA cleared Milei, public trust remains divided. Critics argue that even private recommendations from sitting presidents bring weight– and effect– specifically when financial instruments are involved.
Still, without any principles breach discovered and no formal ties between LIBRA and the Argentine government, the legal chapter of Cryptogate appears closed– at least for now.
The post Argentina Clears President Milei in Crypto Scandal Over Libra Token appeared initially on Coindoo.
