Argentina's Chamber of Deputies voted Tuesday to approve three draft resolutions that would establish a special commission to investigate the LIBRA crypto scandal, which has plagued President Javier Milei's administration since February.

"The time has come for Congress to audit whether there is any harm to Argentina: we are committed to the truth," Representative Pablo Juliano told the chamber during Tuesday's debate.

La Libertad Avanza party representative Gabriel Bornoroni defended the president during the debate, suggesting the opposition is "creating a show" because "they're bothered by the fact that we had a fiscal surplus throughout 2024, and this year as well."

Votes for the creation of an Investigative Commission saw 128 in favor, 93 against, and 7 abstentions.

The investigative body will summon key government officials, including Economy Minister Luis Caputo and Justice Minister Mariano Cúneo Libarona. The probe will also invite Chief of Staff Guillermo Francos and Roberto Silva, who leads the country's National Securities Commission.

The commission would also request information from the national government as it goes through the investigation.

Congressional approval of the probe comes nearly two months after Milei promoted the Solana-based meme coin on his official X account.

Private project, public probe

The controversial LIBRA token, which Milei touted as a "private project" to stimulate Argentine economic growth through startup funding, saw its value skyrocket to a $4.5 billion market cap before crashing nearly 90% within hours on February 14-15.

Milei deleted his promotional post shortly after the crash and claimed he "did not know the details of the project."

Two days later, fraud charges were filed in an Argentine criminal court. The collapse left approximately 75,000 wallet holders with losses exceeding $250 million.

The Argentine Congress's investigation parallels an ongoing judicial probe examining possible links between Milei and LIBRA's developers.

In March, an Argentine lawyer called for the arrest of Kelsier Ventures CEO Hayden Davis, who allegedly pitched the project to Milei during a January meeting.

Earlier this month, a New York-based law firm began a call for investors to back a potential lawsuit.

LIBRA marks Milei's second crypto controversy after investors sued him in 2022 for promoting CoinX, a crypto investment platform that promised substantial returns but failed to deliver.

Edited by Sebastian Sinclair