Argentina's Anti-Corruption Office has officially determined that President Javier Milei did not violate any federal ethics laws when he promoted the LIBRA memecoin in a personal capacity on social media. The resolution, issued on June 5, stated that Milei's February 14 post endorsing the Solana-based LIBRA token was an expression of his personal political views rather than an official act as a public servant.
The Anti-Corruption Office clarified that Milei's social media account, from which the post was made, is managed personally and does not involve the use of public resources. The post did not reference or announce any government policies, decisions, or programs and rather served as a political expression protected under Argentina's constitution.
This decision comes after the LIBRA token experienced a sharp price spike to a $4 billion market capitalization following Milei's post, only to crash approximately 94-95% shortly afterwards, resulting in millions of dollars in investor losses and sparking controversy and calls for impeachment. Despite the Anti-Corruption Office's clearance, an Argentine federal criminal court still continues its separate investigation into Milei's involvement, freezing assets of Milei and his sister amid the probe.
While Milei signed a decree to dissolve a special investigative task force examining the scandal, critics argue the investigation was insufficient. The LIBRA scandal also took a toll on Milei's public image and approval ratings in Argentina.
