MercoPress. South Atlantic News Agency

Argentina's Lower House to investigate $LIBRA cryptofiasco

President Milei and Presidential Secretary and sister Karina Milei will be spared due to lack of parliamentary consensus

Argentina's Lower House agreed Tuesday to create an investigative commission to examine the $LIBRA crypto fiasco with 128 votes in favor, 93 against, and 7 abstentions. The body will delve into President Javier Milei's promotion of the cryptocurrency on social media, which allegedly led to a scam affecting investors globally after its price surged and then crashed.

The commission is set to begin operating on April 23, 2025, with its formation details to be finalized by April 15. On April 22, key officials, including Cabinet Chief Guillermo Francos, Ministers Luis Toto Caputo (Economy) and Mariano Cúneo Libarona (Justice), as well as National Securities Commission head Roberto Silva, will be summoned for questioning. However, President Milei and Presidential Secretary and sister Karina Milei will be spared due to lack of parliamentary consensus.

The special session, convened by opposition groups including Kirchnerism, achieved a quorum unexpectedly at 12:23 pm with 130 lawmakers present, supported by parties like Unión por la Patria and Encuentro Federal, despite efforts by PRO, UCR, and La Libertad Avanza to avert it. The move reflected political tension as the government sought to avoid scrutiny over the scandal, which surfaced on Feb. 14.

Each party block now has until Friday to propose the members of the Commission, with House Speaker Martín Menem needing to sign the resolution with the integration of the investigative commission by April 15.