Argentina’s President Cleared of Ethics Breach in LIBRA Token Endorsement Amid Investor Backlash

Argentina’s Anti-Corruption Office absolved President Javier Milei of violating ethics laws for endorsing the LIBRA memecoin in a February social media post. The ruling emphasized Milei’s personal capacity on the platform, distancing the action from government resources. The token’s subsequent 94% crash erased $251 million in investor value, sparking political outcry and calls for impeachment.

LIBRA’s market cap briefly surged to $4 billion following Milei’s endorsement before collapsing within hours—a trajectory likened to pump-and-dump schemes. Critics argue the episode highlights regulatory gaps in cryptocurrency promotions by public figures. The federal court continues investigating the token’s transparency as the incident fuels broader debates about accountability in volatile digital asset markets.