- Argentinas president, Javier Milei, has been cleared of ethics violations related to promoting the $LIBRA memecoin
- Argentinas AntiCorruption Office has determined that Milei acted in a personal capacity
- A separate criminal investigation into potential securities wrongdoing remains open
Argentinas AntiCorruption Office has officially cleared President Javier Milei of ethical misconduct after his February promotion of the $LIBRA memecoin, finding that he acted as a private economist rather than a public official. The resolution prompted renewed debate over the influence political leaders can wield via social media, particularly in the wake of Donald Trumps crypto enterprises . Despite the administrative exoneration, a criminal probe into whether the episode constituted market manipulation continues.
Posts Made in Personal Capacity
The $LIBRA controversy began on February 14, when Milei promoted the coin through his social media channels, describing it as a private initiative aimed at boosting Argentinas economy by funding small businesses and startups. Following his endorsement, the value of $LIBRA surged dramatically, peaking at around $44.5/billion in market cap before the token collapsed approximately 90% within hours.
More than 100 criminal complaints were filed domestically and internationally in the wake of the fall, with Milei accused of abusing his position. Investigations revealed that $LIBRA had been created just minutes before President Mileis announcement, raising suspicions of a coordinated fraudulent scheme, and a government inquiry was called for .
Milei Not in the Clear Yet
The investigation committee reported back on June 5, with Argentinas anticorruption watchdog stating that Mileis post about $LIBRA on X was made in a personal capacity and didnt involve any misuse of state resources. The office added that Mileis account predates his presidency and has long been used for noninstitutional political expression, noting, It should be interpreted as an act of individual or private communication.
Despite the ethics clearance, a federal criminal investigation remains open, focusing on possible market manipulation or securities law infractions. Milei had even dissolved the special investigative task force that was probing $LIBRA earlier this spring, after it delivered findings to prosecutors, leading to critics denouncing the ethics probe as a fake investigation lacking real scrutiny.
