Argentina’s Anti-Corruption Office has officially cleared President Javier Milei of any ethics violations related to his promotion of the Solana-based LIBRA memecoin earlier this year. The decision, announced on Friday, determined that Milei’s February social media post about the cryptocurrency project constituted a personal statement rather than an official government endorsement.
The Controversial Post and Its Aftermath
On February 14, 2025, President Milei shared a post on his personal X (formerly Twitter) account promoting the LIBRA cryptocurrency project. The post, which included links to the project’s website and contract address, stated: “This private project will be dedicated to stimulating the growth of the Argentine economy by funding small businesses and Argentine entrepreneurs.”
Following Milei’s endorsement, the LIBRA token experienced a dramatic price surge, reaching approximately $5 before crashing by around 95% within hours. This volatility resulted in significant financial losses for many investors and triggered widespread criticism.
The Investigation Findings
The Anti-Corruption Office, led by Alejandro Melik (who was appointed by Milei’s administration in December 2023), concluded that no ethics laws were violated because:
• The post was made from Milei’s personal social media account, which predates his political career and receives no government resources
• Milei identifies himself as an “economist” rather than a public official on this account
• The message was not distributed through official government channels
• The content did not reference public policies, government programs, or announcements with legal or budgetary implications
The resolution emphasized that Milei’s post represented an expression of personal opinion, protected as a civil and political right under the Argentine constitution.
Ongoing Legal Scrutiny
Despite this clearance from the Anti-Corruption Office, the LIBRA scandal continues to face scrutiny from other quarters. A federal court investigation remains active, having previously frozen assets belonging to both President Milei and his sister Karina amid the probe.
Interestingly, Milei himself had requested the investigation and established a special task force to examine his connections to the LIBRA token—a task force he disbanded last month after it completed its mandate.
The Broader Impact
The LIBRA controversy has had significant repercussions for Argentina’s financial markets and public confidence in Milei’s administration. Following the scandal, Argentina’s stock market experienced a notable decline, and public trust in the president reportedly diminished considerably .
Adding to the controversy were allegations from LIBRA co-creator Hayden Davis, who reportedly claimed to have influence over Milei through donations made to the president’s sister, Karina Milei.
Regulatory Context
This incident occurs against the backdrop of Argentina’s evolving cryptocurrency regulatory landscape. The country has recently finalized rules for virtual asset service providers (VASPs), imposing obligations regarding registration, cybersecurity, asset custody, and money laundering prevention . These regulations, published by the National Securities Commission (CNV) in March 2025, aim to enhance transparency and user protection in Argentina’s crypto ecosystem.
The full regulatory framework for cryptocurrencies in Argentina is set to take effect by December 31, 2025, with various compliance deadlines throughout the year for different types of service providers.
