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Argentina’s Chamber of Deputies has passed several resolutions to dig deeper into the scandalous LIBRA cryptocurrency failure, whose possible connections with President Javier Milei are also now being scrutinized.

The Chamber of Deputies voted for a special committee to be created, for summoning government representatives, and for demanding detailed documentation on the collapsed crypto token.

Political Divide Emerges Over Investigation Powers

The establishment of a special commission was approved with 128 votes, 93 against, and seven abstentions, which underlines the political pressures that surround the case.

Lawmakers also authorized a bill to call up senior officials from the executive branch, such as Economy Minister Luis Caputo, Chief of Staff Guillermo Francos, Justice Minister Mariano Cúneo Libarona, and National Securities Commission President Roberto Silva. This resolution passed narrowly with 131 votes supporting and 96 opposing.

Argentina’s Javier Milei faces fraud allegations over the Libra scandal. Image: Natacha Pisarenko/AP Photo

A third resolution requesting detailed information from the Executive Branch about the LIBRA token received 135 votes in favor, 84 against, and 7 abstentions.

According to reports, these measures came in response to growing concerns about whether the cryptocurrency’s downfall harmed Argentina’s financial interests.

Lawmakers Split Along Party Lines

Members of parliament expressed sharply different views during the legislative session. Pablo Juliano from the Democracy Forever bloc emphasized the need for legislative oversight of the situation.

His position stood in stark contrast to Nicolás Mayoraz of President Milei’s La Libertad Avanza party, who warned the commission could overstep judicial authority.

Other lawmakers took middle positions. Oscar Agost Carreño of Encuentro Federal and Karina Banfi from the UCR stressed the legislature’s responsibility to demand political accountability.

Banfi noted that investigations are already happening at both national and international levels. Maximiliano Ferraro from the Civic Coalition argued for the public’s right to transparency in the matter.

Gabriel Bornoroni, the La Libertad Avanza bloc leader, dismissed the opposition’s efforts. He claimed they were simply trying to disrupt government progress, pointing to the fiscal surplus achieved in 2024 and claiming that inflation has been steadily decreasing under the current administration.

Legal Action Targets LIBRA Creator

The political debate follows serious legal challenges against LIBRA token creator Haydone Davis. On March 13, Argentine lawyer Gregorio Dalbon asked Interpol to issue a Red Notice for Davis, whose company Kelsier Ventures launched the LIBRA token in February.

Based on reports, Argentine prosecutors have identified Davis as the main person responsible for the token’s collapse, which caused widespread financial losses.

The scandal has now crossed borders, with Burwick Law, a major cryptocurrency legal firm, filing a lawsuit against Kelsier Ventures and two related platforms: Meteora and KIP Protocol.

The legal action seeks to recover profits and provide compensation for affected investors in the United States.

Featured image from Vox, chart from TradingView

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Asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to offer a Dogecoin ETF. This development comes just as the Dogecoin price rebounds following a wave of sell-offs which saw it drop to as low as $0.14.

21Shares Files For Dogecoin ETF With US SEC

21Shares has filed the S-1 form for its Dogecoin ETF with the US SEC. The asset manager becomes the third to file for a DOGE ETF, joining Grayscale and Bitwise. The next step is for the asset manager, through an exchange, to file the 19b-4 form for this fund, which will officially kickstart the process towards a potential approval from the Commission.

Interestingly, this filing comes on the same day 21Shares launched its Dogecoin ETP on the SIX Swiss Exchange through its partnership with the House of Doge. These two will collaborate again if the SEC approves this ETF, as the asset manager revealed in the prospectus that the House of Doge, the corporate arm of the Dogecoin Foundation, will help in marketing the fund.

Meanwhile, the top crypto exchange, Coinbase, will be the Trust’s custodian. The ETF will hold Dogecoin and provide institutional investors an avenue to gain exposure to the top meme coin.

This undoubtedly provides a bullish outlook for the Dogecoin price, as this move could boost the meme coin’s adoption and further drive inflows into its ecosystem.

DOGE Forms Bullish Divergence

Amid 21Shares’ Dogecoin ETF filing, crypto analyst Kevin Capital has revealed that a daily bullish divergence on DOGE’s chart is starting to play out. He remarked that this development is obviously mostly due to the macro news, but nonetheless, the charts were already hinting at this possibility.

This macro news is Donald Trump’s decision to halt reciprocal tariffs for 90 days. Dogecoin and the broader crypto market rebounded on the back of this news.

However, it remains to be seen if this would be a bullish reversal or a bear trap. As CoinGape reported, crypto analyst Master Kebobi stated that the bottom is in for the top meme coin and predicts that the Dogecoin price would rally to the much-anticipated $1 level in the coming months.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.