Key Insights:
Argentinian President Javier Milei claims no role in promoting the Libra token, claiming he just "spread the word."
The President risks impeachment as Milei's government has minority numbers in both chambers of the Argentinian Congress.
Besides impeachment, Milei also risks a lawsuit from Argentinian lawyers.
Several people have also urged the US Department of Justice to "look" into the matter.
Several Argentinian lawyers have filed cases against President Javier Milei after his promoted Libra token crashed and erased around $4 billion in funds. The token was rug pulled just hours after launch, and the accounts that held most of the tokens were the ones that were selling.
Besides the filed cases, Argentinian lawyers have also urged the US Department of Justice to take action. It appears that the Libra memecoin might have been a US-based crypto, possibly from the state of Wyoming. A DOJ action on the project could be expected soon. However, it is still unclear whether Argentina would cooperate on the matter.
At present, Javier seems to double down on his actions, claiming no role in promotion. However, if the opposition finds sufficient numbers, the Argentinian President could get impeached.
When asked about the Libra memecoin, the President then said that he did not promote the coin but had "just spread the word." The President had previously issued a statement yesterday that he had no role in the crash.
His previous tweet clearly shows President Javier Milei had tweeted promoting the Libra coin. Just after the tweet, Libra memecoin skyrocketed to $0.022 after gaining 2800% within a single day. Within a few hours of the launch, the token creators sold their crypto. At press time, Libra trades at $0.002, a fall of over 99%.
This is one of the major controversial events in crypto when a well-known celebrity promoted a coin that first skyrocketed and later crashed. The same thing had previously happened with the $TRUMP coin, which had shot up during launch but eventually lost around 80% of its price within a month of its launch.
Both of these incidents seem to be a result of misinformed decisions wherein those close to the Presidents had advised them to promote the crypto. In the case of Donald Trump, it was found to be Ryan Fournier, one of the members of Students for Trump, while Javier Milei, the advisor is yet to be found (if any).
In the US, the Democrats, led by Senator Elizabeth Warren, have also alleged a misuse of position to use a cryptocurrency for monetary gains. They had asked the regulators to look into the matter.
Argentinian law states that a President can only be impeached if he engages in misconduct or if he commits any criminal offense. If Javier were to be found guilty of this offence, he might lose office.
The process followed by Argentinian law is that to impeach the President, charges are to be brought against him by the Chamber of Deputies, where a simple majority is enough to convict him. After that the Senate of Argentina must vote 2/3rd in favor of the impeachment.
If the Argentinian opposition makes a move along with independents, then the President could get impeached because his party lacks the numbers in both the lower house, Chamber of Deputies (78/257) and the upper house, the Senate (13/72), in the Argentinian Congress.
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