Argentine President Milei was clarified by the Anti-Corruption Office, and the LIBRA token storm is still controversial
Recently, the Argentine Anti-Corruption Office announced the results of an investigation, which determined that President Javier Milei did not violate the law in promoting the LIBRA memecoin incident.
In its resolution on June 7, the office pointed out that Milei's support for the LIBRA token through his personal social media account X in February this year was a personal activity "as an economist" and had nothing to do with his presidency.
The investigation pointed out that Milei's X account was established before he took office, and the LIBRA project he promoted did not involve any government contracts or procedures. Although Milei took the initiative to request an investigation, the head of the Anti-Corruption Office, Alejandro Melik, was appointed by the Milei government in December 2023, so the results of the investigation also caused public doubts about his independence and impartiality.
The turmoil began on February 14, when Mile publicly declared that the LIBRA token would "revitalize the Argentine economy by supporting small businesses." The contract number included in his X tweet caused the token price to approach $5 for a short period of time, but then plummeted to almost zero, causing a large number of investors to lose money.
Although the conclusion of the Argentine Anti-Corruption Office cited the case of the US Supreme Court and emphasized the legal complexity of distinguishing personal and official behavior, the LIBRA incident is still fermenting in the judicial systems of many countries. The Argentine House of Representatives voted to establish a special investigation committee in April, but the process was obstructed by the ruling party. Meanwhile, related investigations by the US and Spanish courts are still ongoing.
In terms of the market, LIBRA is currently trading at $0.029, down 97% from its historical high. Despite a 35.7% rebound in the past month, for investors, this loss has become a fait accompli.
In summary, although this ruling has cleared Mile of administrative responsibility, the public's doubts about his use of influence to promote high-risk crypto projects have not dissipated.
However, this incident reflects the ethical boundary issues faced by politicians from various countries when participating in the promotion of cryptocurrency, and also provides a warning case for regulators on how to deal with market fluctuations caused by the "celebrity effect".
