An Argentinian judge has closed a criminal case against President Javier Milei. The case centered on a failed cryptocurrency he once promoted. His sister and an American businessman were also cleared. The ruling ends a high profile inquiry that questioned the president’s financial conduct.
Federal Judge Marcelo Martinez de Giorgi issued the decision on Friday. He found the evidence did not meet the legal standard for fraud. The investigation examined Milei’s role in promoting the $Libra token earlier this year.
In February 2025, President Milei posted about the little known meme coin on his X account. The token saw a brief price surge followed by a steep collapse. Milei later deleted the post and denied any connection to the cryptocurrency. Investors who bought the token faced significant losses.
Judge Martinez de Giorgi acknowledged Milei’s presidential status gave the promotion more weight. He stated this amplified impact alone does not constitute a crime. The judge wrote that price volatility and investor losses are inherent risks in crypto markets. These elements by themselves do not prove a fraudulent scheme.
The court also dismissed the investigation into Karina Milei, the president’s sister and close political aide. A probe into U.S. businessman Hayden Davis was dropped as well. Davis had served as a launch adviser for the $Libra token. He publicly acknowledged holding nearly $100 million worth of the asset after its crash. Davis has consistently denied any wrongdoing.
The presidential office celebrated the ruling on social media. An official post on X declared it historic. It stated a sitting president was investigated freely and found completely innocent. The post then turned accusatory. It asked who would take responsibility for wasting taxpayer money. It framed the failed case as an attempted institutional coup against the president.
This legal outcome removes a shadow over Milei’s contentious administration. It arrives amid fierce debates over his radical economic reforms. The president’s supporters will see the ruling as vindication. His critics will likely view it as a failure of accountability. The case highlights the persistent volatility and regulatory gray areas surrounding cryptocurrency promotions by public figures.
For ordinary Argentinians, the affair underscores a simple truth. When a leader lends their name to a financial product, it carries immense influence. The law may see a distinction between influence and fraud. The court of public opinion often does not. This case is closed but the questions around power and financial endorsement remain wide open.
- Case against President Javier Milei closed
- Milei’s sister and an American businessman cleared
- Judge found no evidence of fraud
- Investigation focused on $Libra token promotion
- Presidential office celebrated the ruling on social media
- Case highlights risks in cryptocurrency markets
| Entity | Involvement | Status |
|---|---|---|
| Javier Milei | Promotion of $Libra token | Cleared |
| Karina Milei | Political aide | Cleared |
| Hayden Davis | Launch adviser for $Libra | Cleared |
