A congressional commission in Argentina has released a report alleging that President Javier Milei may have committed fraud by promoting a suspected cryptocurrency scam earlier this year. The report, issued by the Chamber of Deputies, says the facts examined are “compatible with an alleged fraud” and assigns “political responsibility” to Milei and his sister, Karina Milei.
The controversy centers on the $LIBRA meme coin, which investors lost hundreds of millions of dollars on after Milei endorsed it on social media in February. Industry experts have described the operation as a “rug pull,” a scam in which developers attract investors and then quickly cash out. When $LIBRA’s value collapsed, Milei claimed he was unaware of the project’s details.
The legislative commission’s findings have been submitted to the court investigation that is already handling dozens of legal complaints against Milei and others involved in $LIBRA. However, it remains unclear whether Congress will take further action, especially as new legislators who support Milei are set to assume office in December. The commission was unable to interview Milei or his sister, as they failed to appear when summoned.
The report’s conclusions have significant implications for Milei’s presidency and for Argentina’s cryptocurrency regulations. The $LIBRA scandal has sparked widespread criticism and highlighted concerns about the lack of oversight in the crypto market. As the investigation proceeds, it remains to be seen whether Milei will face consequences for his alleged role in promoting the scam.
The case underscores the need for greater transparency and accountability in the cryptocurrency industry, particularly when high‑profile figures such as heads of state are involved. The Argentine government has faced pressure to regulate the market, and this episode may prompt further action. International observers are also watching closely, as cryptocurrency use continues to expand worldwide. With the new Congress set to take office soon, the $LIBRA case is likely to remain a topic of discussion and debate in the coming months.
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