Argentina Clears President Milei of Misconduct in $LIBRA Crypto Scandal

• President Javier Milei has been cleared of ethical misconduct by Argentinas Anti-Corruption Office.
• The OA ruled Mileis $LIBRA promotion was a personal action with no state involvement.

Argentinas Anti-Corruption Office (OA) has formally cleared President Javier Milei of any ethical misconduct related to his February promotion of the $LIBRA cryptocurrency. The OA concluded that Milei acted in a personal capacity and did not misuse public office or state resources.

According to the OA, Mileis now-deleted post on X promoted the token from his account, which predates his presidency. It ruled that this action did not involve institutional support or public funds. The office emphasized that Milei presented himself as an economist, not a government official, when backing $LIBRA.

The token‘s value skyrocketed after the post, reaching over $2 billion in market cap. However, it collapsed by 90% within hours, resulting in millions in losses. The sharp fall triggered public outrage and calls for Milei’s impeachment. Opposition leaders and lawyers filed lawsuits on behalf of affected investors.

Legal Fallout Continues

Despite the uproar, Milei requested the ethics probe himself. His office publicly asked the OA to determine if any member of the national government acted improperly. The investigation found no links between $LIBRA and state contracts, procedures, or government action.

The OA report noted that even though Milei referred to public policies on X, he did so outside of institutional channels. It stated that communication through his account did not establish government endorsement. Thus, the post should be interpreted as a private expression.

Although this ruling ends the administrative investigation, legal proceedings are ongoing. Additionally, courts in the U.S., Argentina, and Spain are reviewing related cases.

A congressional commission created in April to investigate the affair has stalled. The ruling party blocked the vote required to appoint members, effectively halting progress. Meanwhile, civil suits from investors in Argentina, the U.S., and the U.K. are advancing.

Reports confirm Milei met several times with $LIBRA creator Hayden Davis before the tokens launch. Argentine businessmen Mauricio Novelli and Manuel Terrones Godoy organized the meetings.