Argentina’s Anti-Corruption Office (OA) has cleared President Javier Milei of ethics violations related to the promotion of the meme token LIBRA.
In February, the coin, endorsed by the head of state, reached a market capitalization of $4.56 billion, only to plummet by more than 90% within hours. The token’s rally began after Milei posted a link to the LIBRA website and smart contract address on X.
The politician stated that he did not intend to persuade people to buy the coin, but merely shared information he considered a financial innovation.
Milei deleted his initial post. However, his actions sparked a scandal, leading to accusations of fraud, involvement in a Pump & Dump scheme, and threats of impeachment.
The president requested the OA to investigate the conduct of government members, including himself, regarding the LIBRA situation.
The agency concluded that the post on the president’s personal account did not represent an official stance. According to the OA’s resolution, Milei’s tweet was not linked to the allocation of state resources or support and “should be interpreted as an act of individual or private communication.”
An Argentine court continues to review a civil lawsuit from investors concerning the president’s promotion of LIBRA. In May, the court requested bank statements from the head of state and his sister, who is suspected of collaborating with businessmen involved in launching the meme coin.
The Argentine Congress has approved three initiatives to investigate the role of government officials in the LIBRA case.
According to media reports, the U.S. Department of Justice has initiated its own investigation into Milei.
The Argentine prosecutor’s office has frozen LIBRA-related assets worth approximately $100 million. Circle has blocked USDC linked to the project amounting to $57.6 million.
Back in May, Milei disbanded the investigative team on the LIBRA case, citing the expiration of its mandate.