Argentina’s Congress just threw down the gauntlet over a crypto fiasco that’s left a $250 million crater in investor wealth. The trigger? LIBRA—a flashy memecoin boosted by none other than President Javier Milei earlier this year. What started as a promise to supercharge Argentina’s economy and empower small businesses turned into a chaotic firestorm of lost savings, plummeting market caps, and allegations of insider dumping.
In a session spearheaded by the “Democracy Forever” bloc (subtle, right?), lawmakers approved three key moves: they’re forming an investigative commission, calling top government brass to testify, and demanding transparency from the executive branch. Among the summoned: Chief of Cabinet Guillermo Francos, Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and Roberto Silva, head of Argentina’s Securities Commission.
The vote passed easily, but not without fireworks. Supporters like Deputy Pablo Juliano insisted the damage demanded answers: “We have a commitment to the truth.” On the other side, Nicolás Mayoraz of the ruling La Libertad Avanza party accused his peers of stepping into judicial territory and putting on political theater.
And speaking of theater—Gabriel Bornoroni, leading the ruling bloc, delivered his own monologue. He spun the narrative into an economic success story, arguing the opposition was just bitter over Argentina’s rare fiscal surplus and falling inflation. Classic diversion tactics, but it’s hard to ignore the elephant in the crypto-wallet: a 90% drop in LIBRA’s value after Milei’s Twitter (er, X) promo. The memecoin exploded with hype and was quickly exploited, with insider wallets dumping tokens onto a hopeful public.
What happens next is anyone’s guess. But if this probe gains traction, it might do more than just embarrass a few officials. It could expose the fault lines in Milei’s techno-libertarian dream—and in the meantime, Argentine investors are still waiting for their reckoning.
👉Join our Trading Community’s newsletter!👈
Finally, if you learned something, give us some love 💗 and SHARE. 🔁