Yigit Taha OZTURK 
Argentina’s Chamber of Deputies has approved three draft resolutions to investigate top government officials involved in the controversial Libra memecoin project, which was publicly endorsed by President Javier Milei and later collapsed, leaving investors with heavy losses.
The resolutions include the creation of a special commission to examine the Libra case, summoning key members of the executive branch, and demanding an official government report. Those to be summoned include the Chief of Staff, Minister of Economy, Minister of Justice, and the head of the National Securities Commission (CNV).
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“It’s time for Congress to examine whether Argentina has been harmed. We have a duty to uncover the truth,” said Pablo Juliano of the Democracia para Siempre party. On the other hand, Nicolás Mayoraz from La Libertad Avanza criticized the move as interference with the separation of powers.
Milei and Libra
Libra, a Solana-based memecoin, was launched on February 14 by Delaware-registered Kelsier Ventures. Within hours, President Milei promoted the token on social media platform X, claiming it would support small businesses and startups across Argentina.
His post described the token as a “private project” and linked directly to the Libra website and smart contract. The token’s value skyrocketed to a $2 billion market cap before plummeting by over 90%, sparking outrage and calls for impeachment.
Milei later distanced himself from the project, stating he had no prior knowledge of it. Meanwhile, Kelsier Ventures CEO Hayden Davis claimed he had advised Milei and worked closely with his team. Davis also admitted that the team used a “sniping” strategy to gain early profits and was involved in the MELANIA memecoin, which also experienced a sharp rise and fall.
An Argentine prosecutor has requested an Interpol Red Notice for Davis, who is reportedly behind yet another memecoin that crashed shortly after launch.
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