Argentine authorities clear President Javier Milei... 'Libra scandal' closed

President Javier Milei of Argentina has been cleared of charges in the 'Libra scandal' investigation.

On the 7th (local time), according to The Block, the Anti-Corruption Office of Argentina (OA) announced that same day it had concluded President Milei was not liable in the Libra scandal. Accordingly, the Anti-Corruption Office of Argentina's investigation into President Milei's involvement in the Libra scandal has also been closed.

Previously, President Milei had publicly promoted the Solana (SOL)-based memecoin Libra via his personal X account in February. The price of Libra surged immediately after President Milei promoted it but then plummeted, erasing a market capitalization worth trillions of won. The Block reported that, according to local media, the 'Libra scandal,' which was dubbed 'Crypto Gate,' led to opposition politicians calling for Milei's impeachment and lawsuits being filed on behalf of affected investors.

However, Argentine authorities viewed President Milei's promotion of Libra as not violating public officials' ethical standards. The Anti-Corruption Office of Argentina stated, "(President Milei's promotion) had no relation to administrative acts and involved no allocation of public resources or institutional support," adding, "It should be interpreted as a private communication not intended to set official policy direction."

Although authorities have closed the Libra scandal case, controversy is expected to continue for some time. The Block also noted that "the (Libra scandal) investigation by the Argentine Federal Criminal Court is still ongoing" and that there are separate class action lawsuits involving plaintiffs from the United States, United Kingdom, and Argentina.