- President Javier Milei ended the government body investigating his involvement with the LIBRA meme coin launch.
- The Solana-based LIBRA token saw a rapid spike and crash in value after its February launch, causing controversy.
- Official documents showed the investigation was declared finished, but no findings were shared publicly.
- The decision to dissolve the group comes as Milei‘s popularity rises and his party wins recent elections.
- A separate criminal investigation into the LIBRA coin incident continues.
On Tuesday, Argentine President Javier Milei dissolved the committee responsible for investigating his role in the promotion and launch of the LIBRA meme coin earlier this year. The group, formed after public and political pressure, was examining whether the president committed wrongdoing when advertising the Solana-based cryptocurrency in February.
Government documents, published on the official website, stated that the task force had "completed its investigation." However, the public received no information regarding its findings. The committee was officially ended with Milei‘s approval.
Following the launch of the LIBRA token, its value shot up suddenly, then dropped sharply. Some investors and observers began to suggest that it could have been a pump-and-dump scheme, where a token is promoted, its price rises quickly, and then falls, leaving late investors with losses.
*b>Milei had faced criminal charges for endorsing LIBRA, which he claimed would benefit the country. The incident drew strong criticism from both opposition leaders and Argentine citizens. A separate criminal investigation into the case remains ongoing.
According to James Bosworth of risk analysis consultancy Hxagon, "Milei is riding high right now … There is no better moment for him to shut down this investigation, preventing bad info from being released right before the midterm elections later this year."
LIBRA’s price saw a 60% surge in the past day, reaching over $0.04—the highest in a month—based on CoinGecko data. Some investors view the end of the investigation as a potential sign that the controversy could pass.
President Milei, who won the 2023 presidential race on promises to fight inflation, has succeeded in stabilizing prices in Argentina. His party also secured a legislative win in the capital last weekend.
In recent months, meme coins—digital tokens often inspired by internet trends—have drawn global attention, including when former U.S. President Trump released his own Solana-based crypto token. The trend has raised concerns among regulators over potential conflicts of interest and market risks.
Previous to the LIBRA controversy, Milei also faced lawsuits in 2022 for reportedly promoting a crypto investment platform that failed to deliver promised returns.
For more on the official documents, visit the government’s website here.
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