Nikolas Sargeant
Argentina’s Anti-Corruption Office has cleared President Javier Milei of any ethical violations concerning his promotion of the LIBRA memecoin. In a June 5 resolution, the office concluded that Milei's endorsement via his personal X (formerly Twitter) account was an expression of his civil and political rights, not an official act. The office emphasized that no public resources were used and that the account has been a platform for his personal views since 2015.
The LIBRA token, launched on February 14, experienced a rapid surge in value following Milei's endorsement, reaching a $4 billion market cap. However, it subsequently crashed by 94%, leading to allegations of a "rug pull" scam and significant financial losses for investors. Opposition lawmakers have called for a probe into the activities and for Milei's impeachment, citing potential misconduct and the substantial losses incurred.
Despite the Anti-Corruption Office's clearance, a federal criminal court investigation into the incident remains ongoing. Prosecutors are examining whether any criminal activities, such as fraud or market manipulation, occurred during the token's launch and subsequent collapse.
The controversy has impacted Milei's public image, with approval ratings declining from 47.3% in November to 41.6% in March. The incident has also raised questions about the government's role in cryptocurrency regulation and its commitment to transparency and accountability.
