Anti-Corruption Office Clears Argentina’s President in Libra Token Controversy
Argentina’s federal anti-corruption authority has given President Javier Milei a clean bill of health regarding his support for the Libra cryptocurrency token. The office confirmed that Milei’s social media endorsement was personal and did not involve federal resources.
The anti-corruption office, part of a government ministry, found no ethics violations in Milei’s X post promoting Libra. However, a federal criminal court is still investigating the matter.
What sparked the Libra controversy? Kelsier Ventures, a Delaware-based company, launched the Libra token on February 14 as part of the “Viva La Libertad” project. Milei quickly shared it on his X account, describing it as a way to boost Argentina’s economy by supporting startups and small businesses through blockchain technology.
Initially, the token’s price soared to about $5, reaching a market cap of $4.5 billion. But the founders, who owned 70% of the tokens, sold their shares at peak prices. This led to an 85% price drop within hours, causing losses between $100 million and $250 million.
milei insists his posts were about raising awareness of cryptocurrency’s potential for Argentine businesses, not direct investment. The anti-corruption office agrees, stating personal social media use does not breach ethics rules.
The ongoing criminal investigation focuses on potential securities law violations and market manipulation. Separate legal proceedings could lead to different outcomes.
