Argentine Congress Launches Probe on Top Officials Over Libra Memecoin Scandal

The Argentine Chamber of Duties voted to launch a commission tasked with probing the country’s top officials involved in the Libra memecoin Debacle

According to a Decrypt report, the Chamber of Duties voted Tuesday to approve three draft resolutions establishing a special commission to investigate the LIBRA crypto scandal

The Libra memecoin scandal seriously dented the image of Argentina’s president Javier Millei, who before the incident was perceived as a force for good, turning around the economic woes of the South American country

“The time has come for Congress to audit whether there is any harm to Argentina: we are committed to the truth,” Representative Pablo Juliano told the chamber during Tuesday’s session

La Libertad Avanza party representative Gabriel Bornoroni argued in favor of the president, stating that the country’s opposition party is making a meal out of the Libra scandal to deflect from the country’s substantial economic improvements under Millei

The Congress’s vote to set up an investigative commission saw 128 in favour, 93 against, and 7 absentees

President Millei Approval Ratings Tank

President Javier Millei, the conservative Argentine president and Economist who enjoyed public support from influential individuals like Elon Musk, is in trouble The Libra memecoin scandal deeply affected his approval ratings, with polls showing up to 60% disapproval by late March

President Millei is tied to Hayden Davies, the creator of the Libra Memecoin, who is also in hot water at the moment, facing various legal tussles and a possible Interpol arrest In March, a class-action lawsuit filed in New York’s Supreme Court against Davies, Kelsier Ventures, and related firms (KIP Protocol, Meteora) alleges they misled investors and siphoned $107 million via predatory liquidity pools

Read More: Libra Scam Mastermind Hayden Davies Launches New Memecoin Despite Being on Interpol Watch List

President Millei is not alone in the league of the Presidential Rug Pull Act. The Presidents of the Central African Republic and the United States equally launched memecoins that tanked, costing people money

The development of sitting presidents involved in memecoin rug pulls set off a meaningful conversation on the role of memecoins in the industry and whether their Pros still outweigh their Cons

Javier Milei, the President of Argentina, is a member of La Libertad Avanza (Liberty Advances), a political party he founded in 2021. The party is generally described as right-wing libertarian, advocating for free-market policies, minimal government intervention, and individual liberties