Argentina Clears Milei in LIBRA Memecoin Scandal Amid Market Turmoil

Argentine President Javier Milei has been absolved of ethical violations by the nation's Anti-Corruption Office following a social media endorsement of the LIBRA memecoin that triggered $250 million in investor losses. The February 14 post on X (formerly Twitter) briefly propelled LIBRA's market capitalization to $4 billion before a 94% crash.

Regulators ruled Milei's account constitutes personal political expression rather than official state communication. The decision comes as federal courts continue investigating the LIBRA incident separately. Public confidence has eroded, with the president's approval rating dropping 5.4 percentage points since November.

The episode underscores the market-moving power of political figures in cryptocurrency markets, while highlighting regulatory gray zones surrounding digital asset promotions. No coins or exchanges were directly implicated in the watchdog's findings.