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Lower house lawmakers dealt President Javier Milei a new blow on Tuesday, voting to create a commission to investigate potential wrongdoing surrounding the launch of the controversial ‘$LIBRA’ cryptocurrency.
Deputies voted 128 to 93 in favour, with seven abstentions, reigniting a proposal that had failed to gain support in the Senate previously.
Back in February, Milei promoted (or “shared,” according to his version of events) the ‘$LIBRA’ memecoin on social media. “This private project will be dedicated to encouraging the growth of Argentina’s economy,” he wrote.
The currency’s value initially soared, then quickly crashed. Milei deleted his post hours later, admitting he had made a mistake. In an article, Forbes magazine has since called the scandal the "largest-ever crypto theft.”
Alongside the formation of the investigative body, opposition lawmakers also secured approval to summon key government officials to give explanations before the lower house. These include Justice Minister Mariano Cúneo Libarona, Economy Minister Luis Caputo, Cabinet Chief Guillermo Francos, and Roberto Silva, head of the National Securities Commission.
The motion to question the officials received 131 votes in favour and 96 against, while a third vote requesting formal information from the Executive on the crypto affair passed with 135 in favour, 84 opposed and seven abstentions.
The government had attempted to derail the session, but a last-minute shift in the stance of legislators aligned with provincial governors enabled quorum — despite earlier signs the numbers wouldn’t hold.
The opposition Unión por la Patria coalition led the push, backed by dissident Radicals from Democracia para Siempre, Encuentro Federal, the Coalición Cívica, and left-wing deputies. Unexpectedly, lawmakers aligned with Córdoba Province Governor Martín Llaryora and Catamarca’s Raúl Jalil also joined.
In contrast, PRO and most of the Unión Cívica Radical (UCR) supported the government’s failed bid to block the session, alongside La Libertad Avanza and Innovación Federal.
Lower House Speaker Martín Menem had sought to ease tensions by announcing that Francos would deliver his management report to Congress on 16 April — an appearance now likely to be dominated by questions over $LIBRA.
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