Argentinian President Javier Milei has just been 'exonerated' by the country's anti-corruption agency regarding his promotion of the meme coin LIBRA. Although a criminal investigation is still ongoing, this decision from the anti-corruption office sends a positive signal, indicating transparency in handling cryptocurrency-related allegations at the highest level.
According to court records released on Friday, the anti-corruption office concluded that President Milei acted personally when he posted about this cryptocurrency earlier in the year and found no wrongdoing.
In February, President Milei once promoted #LIBRA on X (formerly Twitter), claiming that this coin could benefit Argentina. However, after its launch and reaching a peak of $4.50, LIBRA plummeted by as much as 90% below $0.50, according to data from DexScreener. This led investors to accuse the developers behind LIBRA of conducting a 'pump-and-dump' scheme. Nevertheless, LIBRA generated around $1.1 billion in trading volume within the first few hours after its launch, currently trading at about $0.03.
Political pressure from the opposition has prompted the anti-corruption office to conduct an investigation, along with other investigations, accusing Milei of abusing his position while promoting LIBRA. Last month, President #Milei even dissolved an agency - the Investigation Task Force - that was set up to investigate him. The criminal investigation is currently reviewing similar allegations regarding Milei benefiting from the launch of this meme coin.
Meme coins are digital tokens often based on internet culture or jokes, known for their high volatility and often experiencing sharp declines after rapid price increases due to investors quickly taking profits. This segment of the crypto market gained attention in January when former President Trump also launched a meme coin - Official Trump - on the Solana blockchain before his inauguration.
President Milei - who won the election with a commitment to fix Argentina's severely inflationary economy - had previously been investigated for promoting cryptocurrency projects. Before becoming president, he was sued by investors in 2022 for posting on Instagram about CoinX, a cryptocurrency investment platform promising huge profits for users.
The decision by the Argentinian anti-corruption agency to exonerate President Milei is a significant development. It highlights the need for a clear distinction between personal conduct and official duty, especially in the context of politicians increasingly interacting with the volatile cryptocurrency space. #anhbacong
