Milei Axes LIBRA Probe Unit in Latest Crypto Clampdown

Argentina’s libertarian president Javier Milei just pulled the plug on the country’s LIBRA investigative unit—because nothing says ’financial freedom’ like shutting down oversight of shadowy crypto dealings.

Another win for ’anarcho-capitalism’—or just convenient cover for the usual suspects? The peso’s inflation rate suggests we already know the answer.

Milei’s dubious relationship with LIBRA

LIBRA surged in value after Milei endorsed it on February 14 via his X account, then quickly collapsed, leading to multimillion-dollar losses for investors and international headlines. 

The fallout prompted Argentina’s Parliament to open its own investigation and sparked judicial probes in the U.S. and Spain into possible fraudulent schemes involving Milei and his sister, Karina Milei.

The now-defunct UTI had been empowered to gather information from national and international bodies without additional budget allocations, according to reporting. 

It was led by María Florencia Zicavo, a close advisor to the justice minister, raising concerns about the independence of the probe from the start.

The Milei administration had already rolled back the investigative powers of Argentina’s Financial Information Unit in April, further limiting oversight. While Milei claims all requested data from state entities was submitted and reviewed, the public remains in the dark about the commission’s conclusions, if any were ever reached.

The case now rests with the judiciary, particularly Judge María Romilda Servini, per local reporting.