Controversial Financial Project Rejected in Mendoza

The Mendoza Legislature rejected a project by the Justicialist Party that aimed to address concerns over the financial scandal related to the $Libra cryptocurrency, highlighting potential market manipulation and the need for regulation.


Controversial Financial Project Rejected in Mendoza

In the Mendoza Legislature, lawmakers aligned with Governor Alfredo Cornejo rejected the consideration of a project pushed by the Justicialist Party (PJ) that sought to express "concern" about the financial scandal related to the cryptocurrency $Libra, promoted by Javier Milei.

The PJ argued that the Legislature should express itself on the matter to protect institutional integrity and the interests of citizens, particularly in Mendoza, and to alert regarding the implications for financial markets. However, the head of the Cambia Mendoza interbloco, Enrique Thomas, rejected the consideration of the project and suggested it be discussed in committees, questioning the PJ for focusing on an issue he deemed less serious compared to others.

In both chambers, the project was rejected: in the Chamber of Deputies, the vote was 29 against, 17 in favor, and two absentees from the PJ. Despite the support from the Unión Mendocina and PRO representatives for the proposal, the two-thirds majority required to allow discussion in the Upper House was not reached, where the rejection by the Cornejo faction was also repeated, with the support of Armando Magistretti (PD) and the dissenting votes from the PJ, LUM, and the Green Party. Meanwhile, José Luis Ramón from the Protectora bloc described the situation as "nonsense" and warned about potential lawsuits against the state that could affect taxpayers, calling for a nominal vote so that citizens could see how the national government was being protected.

The project also sought to evaluate possible financial crimes, such as market manipulation and insider trading, and to establish clear regulations to prevent the use of public office in speculative assets. It also requested that oversight bodies, such as the National Securities Commission (CNV) and the Financial Information Unit (UIF), investigate the responsibilities arising from the situation.

The project reflected concern over an artificial fluctuation in the value of the cryptocurrency $Libra, which caused economic losses to uninformed investors according to its promoters in the Mendoza Legislature.