Argentina’s Lower House Approves Investigation into LIBRA Meme Coin

Argentina’s Chamber of Deputies has approved three initiatives to investigate the role of government officials in the LIBRA meme coin affair.

The initiatives include the formation of a commission to examine the circumstances surrounding the token’s issuance, gathering testimonies from several members of the executive branch, and requesting a government report on the matter.

Officials slated for questioning include the head of the presidential administration, the ministers of economy and justice, and the head of the National Securities Commission.

“It is time for Congress to verify whether any harm has been done to Argentina: we seek the truth,” stated Pablo Juliano, a deputy from the Democracia para Siempre bloc.

Another parliamentarian, Nicolas Mayoras from the La Libertad Avanza party, described the investigation as interference, emphasizing that it violates the principle of separation of powers.

The Libra Case

The meme coin was launched on February 14 on the Solana platform. On the same day, Argentina’s President Javier Milei posted a link to the coin’s website and contract address on X. The token reached a capitalization of $4.56 billion, but then its value plummeted by 94% within hours.

Following the collapse, Milei withdrew his support for the project, claiming he lacked complete information. Amid the scandal, the opposition called for the president’s impeachment, and Argentina’s chief prosecutor Eduardo Taiano demanded the freezing of assets related to LIBRA worth ~$100 million and the restoration of deleted messages, including Milei’s tweet.

In February, local media reported on the initiation of a U.S. Department of Justice investigation into the roles of Milei, LIBRA founders Hayden Davis, Julian Peha of KIP Protocol, and two Argentine entrepreneurs, Mauricio Novelli and Manuel Terrones Godoy, in promoting the token.

On March 13, lawyer Gregorio Dalbon requested Interpol issue a “red notice” for Davis due to his involvement in the “troubled” LIBRA.

On March 15, Bubblemaps experts noted that the entrepreneur continued launching tokens despite the potential international search notice. On March 28, analysts reported that Davis began selling off LIBRA and MELANIA.