MercoPress. South Atlantic News Agency

Argentina’s $LIBRA scandal: report says Milei promoted private scheme, violated ethics rules

The commission confirmed direct links between President Milei and key promoters of the $LIBRA maneuver

The Argentine House of Deputies' Investigative Commission on the $LIBRA cryptofiasco has concluded in its final report that President Javier Milei may have committed misconduct in the exercise of his duties by promoting a private venture, which would violate the Public Ethics Law.

The document, signed by 15 opposition deputies and led by Commission Chairman Maximiliano Ferraro, calls for Congress to formally evaluate the President's conduct.

The commission, which has been investigating the alleged international fraud for nine months, claimed that both President Milei and his sister, Presidential Secretary Karina Milei, were “key players” who enabled the scheme through action and omission, thus bearing political responsibility.

“Javier Milei used his presidential authority, and Karina Milei, at the very least, facilitated the use of official national government facilities to carry out an act that is being investigated as an alleged international scam,” the document warns.

The report specifically alleges that the President violated Public Ethics Law 25.188 by using his official capacity to promote a private business. Furthermore, the investigation found that Milei acted without consulting state technical or legal bodies, omitting due diligence. This conduct was allegedly repeated with another cryptocurrency, KIP, suggesting a pattern of circumventing formal oversight mechanisms.

In addition to recommending action against the President, the commission announced it will file criminal charges against several Executive and Judicial branch officials, who —they claim— obstructed the investigation, such as Justice Minister Mariano Cúneo Libarona, Anti—Corruption Office head Alejandro Melik, and former $LIBRA Investigation Unit head Florencia Zicavo, Federal Judge Marcelo Martínez de Giorgi, and Prosecutor Eduardo Taiano, all of whom “systematically refused to cooperate with the investigation, hindering the exercise of our constitutional powers.”

The commission confirmed direct links between the President and key promoters, including US entrepreneur Hayden Davis and Argentine businessmen Mauricio Novelli and Manuel Terrones Godoy. Sixteen meetings were documented, though only four were officially declared.

As per the report, 114,410 digital wallets suffered losses, while 36 individuals obtained profits exceeding US$1 million. A US Federal Judge previously suggested that the main beneficiaries of the scheme could be Javier and Karina Milei.