Argentina’s President Javier Milei has officially been let off the hook, at least by the country's Anti-Corruption Office (OA), in the controversy surrounding his promotion of the now-infamous LIBRA crypto token.
The agency ruled that Milei’s post hyping the token on social media earlier this year was made in a personal capacity, not in his role as head of state, and therefore didn’t breach the country’s public ethics laws.
No Public Resources, No Violation, Says OA
The OA’s statement concluded that Milei’s X post, which supported LIBRA as a tool for helping small businesses in Argentina, wasn’t tied to any official government activity.
The crypto in question shot up in market cap before dramatically crashing by 90%, sparking a media frenzy dubbed “Cryptogate” and leading to lawsuits and political backlash.
Still, the OA report emphasized that Milei’s post didn’t involve public funds or formal government backing, which kept it outside the scope of any ethics violation.
Milei himself initiated the investigation in February to clarify whether there was any misconduct, including from his own office. The report also clarified that the promotion didn’t amount to a policy endorsement and was merely a private message that had no institutional consequence.
Ongoing Legal Heat Despite Clearance
While the OA has closed its case, legal troubles for those involved in the LIBRA episode aren’t entirely over. A federal criminal court is still investigating the matter, and a separate class-action lawsuit, with plaintiffs from Argentina, the United States, and the United Kingdom, making its way through the courts.
Adding to the legal complexity, two wallets connected to LIBRA creator Hayden Davis, containing around $57.6 million in USDC, were recently frozen by Circle under a U.S. court order.
Davis reportedly met Milei in January through a KIP Protocol introduction, but the OA report insists he had no formal links to the Argentine government.
The initial investigative unit handling the matter was dissolved in May, shortly after a judge requested financial records from Milei and his sister. The government says that the unit's work has since been handed over to federal prosecutors, keeping the door open for further developments.
