Argentina's President Javier Milei has dissolved the government task force set up to examine Libra, a meme coin based on Solana. The decision was made through a decree published in the Official Gazette, which confirmed that the unit was complete in its duties. After the Libra project collapsed in February 2025, the UTI was created.
President Milei posted about the Libra token online, but its value dropped soon after. Due to the massive withdrawal, investors lost more than $4.4 billion. According to the government, its decision to close the unit was based on handing the results to the Public Prosecutor’s Office.
After President Milei recommended the Libra meme coin, saying it can boost economic growth, it became more widely discussed. A few hours after the development team removed liquidity, the coin’s price dropped sharply, as they allegedly took $87 million. Further documents show insiders sent out roughly $107 million through insider trading. Because of this, the coin’s market value decreased very quickly, and the public spoke out strongly against it.
Because of his support, people brought up ethical issues, and the formation of the UTI was necessary to check if Milei crossed any boundaries with his assistance. Since then, people have talked more widely about politicians associating with crypto projects and how this affects the public financially.
Even though the task force has dissolved, investigations related to the matter continue. According to CNN Chile, active judicial actions are underway in Argentina, the United States, and Spain. Officials are looking into Javier Milei and his sister, Karine Milei, the country’s Secretary General of the Presidency. A parliamentary commission has been set up to examine the circumstances of the Libra coin's interest and the president’s role.
This action proves that both the public and political worlds pay attention to resolving controversies in the crypto industry. This situation is also essential because Donald Trump supports a meme coin named after him. Though no charges have been filed in Trump’s case, it highlights the increasing global worries about politics mixing with cryptocurrency markets.
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