Yeliz Akmaca 
Argentina’s Anti-Corruption Office did not consider President Javier Milei’s promotion of the Libra coin as an official endorsement. On February 14, Milei shared his personal opinion in a post on X. The office stated that Milei did not violate Argentina’s federal ethics laws. No public funds were used during this process. Milei’s social media posts were made as political expression under constitutional rights. Despite claims that investors lost a total of $251 million, the office concluded there was no ethical violation.
The Libra token reached a market value of $4 billion shortly after Milei’s promotion but then lost about 94% of its value. This drop resembles classic pump-and-dump schemes seen in cryptocurrency markets. Milei’s support statement sparked debate both nationally and internationally. On May 19, Milei signed a decree to dissolve the task force investigating the Libra scandal. This decree prevented any actions against Milei or any Argentine officials allegedly linked to the scandal.
International Investigations and Crypto Regulations
In the US and UK, criminal investigations related to Libra are ongoing. Numerous class-action lawsuits have been filed due to investor losses. These cases have increased demands for transparency and regulation in digital assets and cryptocurrencies. Regulators are particularly expected to intervene to prevent pump-and-dump schemes.
Argentina’s Anti-Corruption Office clarified the legal boundaries of digital assets and social media posts. It stated that Milei’s social media activity was within constitutional rights. This sets an important precedent for crypto projects and public officials’ use of social media. The Anti-Corruption Office said:
“Although the account occasionally references public policies or administrative decisions, it does so in a non-institutional manner and serves as a platform for political and personal expression.”
The office confirmed there was no ethical violation in Javier Milei’s Libra promotion. However, international investigations and class actions related to the Libra project continue. The ministry emphasized that Milei’s personal account on social network X expresses political opinions like any other citizen under Argentina’s Constitution, exercising civil and political rights.
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