Milei disbands LIBRA task force investigating connections to his administration.

Javier Milei, the president of Argentina, has officially disbanded the Task Force for Investigation (UTI) that was created earlier in the year to look into his connection with the LIBRA token, as reported in Argentina’s Official Gazette on May 20.

The dissolution of the task force was executed through Decree 332/2025, which was signed by Milei and Justice Minister Mariano Cúneo Libarona. The decree emphasized that the information collected would be forwarded to the Public Prosecutor’s Office, as the UTI had fulfilled its objectives.

Moreover, local media outlets have conveyed that the ongoing criminal investigation will persist under the jurisdiction of the Public Prosecutor’s Office.

Investigators are currently assessing whether any financial misconduct or conflicts of interest involving presidential associates have taken place.

The dissolved task force has not shared any official findings, and the identities of the initial developers of LIBRA remain a mystery.

LIBRA aftermath

The UTI was established by Decree 114/2025 to determine if any fraudulent actions or impropriety occurred in connection with the promotion and downfall of LIBRA, a memecoin that Milei advocated for on his official X account on February 14.

The LIBRA situation has led to significant legal and political ramifications. Shortly after Milei’s endorsement, which suggested the token as a means to achieve financial independence, LIBRA’s market cap rose to over $4.5 billion.

This rapid increase attracted a substantial amount of retail investment, but the token subsequently plummeted by more than 85% within days. The resulting loss of trading liquidity led to allegations of market manipulation and insider gains, severely impacting Milei’s public reputation.

Milei promoted LIBRA as a means to finance small businesses within Argentina. In the aftermath of the token’s crash, opposition politicians accused his administration of endorsing an unregulated financial product to investors allied with them.

A federal judge in Argentina has also mandated the freezing of assets belonging to individuals associated with the project.

Judge María Servini has additionally allowed investigators to bypass banking confidentiality to analyze the financial records of both President Milei and his sister, Karina Milei, amid suspicions of ties to the token’s financial backers.

Since the task force has yet to release any investigative results, the connections between the issuers of LIBRA and Milei’s administration remain ambiguous.