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An Argentine federal judge dismissed the criminal case against President Javier Milei on Friday over his promotion of the LIBRA token, ruling that the events under investigation "do not fit any legal offense." Judge Marcelo Martínez de Giorgi's 60-page ruling clears Milei, his sister Karina Milei, and nine others including LIBRA "launch adviser" Hayden Davis, lobbyist Mauricio Novelli, and KIP Protocol's Julian Peh.
The case stemmed from Milei's Feb. 14, 2025 post on X touting LIBRA, made before the token spiked. LIBRA's market cap topped $4.5 billion, then collapsed about 95% within hours, and onchain analysts traced $107 million in cash-outs to eight wallets tied to the team. The judge found the evidence did not establish "criminally relevant deception," writing that the notoriety of whoever promotes an asset "do not, in themselves, amount to a fraudulent scheme."
Why it matters
The ruling removes the most serious legal threat Milei faced over LIBRA and hands his government a political victory heading into a contested narrative battle. Milei cheered the dismissal, saying justice had exposed a "TREMENDOUS political and media operation." Opposition deputy Maximiliano Ferraro, who chaired Congress' LIBRA commission, called it "a clear planned judicial operation of cover-up," pointing to unexplained meetings at the Casa Rosada and transactions around the launch.
Timing questions will keep the story alive: 12 days after investors were removed as plaintiffs in July, Milei signed a decree naming the judge's wife to a federal court, a move opposition lawmakers flagged in their criticisms.
Market impact
LIBRA itself remains a cautionary emblem of political memecoin risk, and the token is effectively irrelevant as an asset. What matters more is the message for Argentina's crypto-forward policy stance: a president cleared rather than convicted lowers the political cost of official endorsements of digital assets. The final chapter is not written, as the Federal Criminal Cassation Court could reinstate the removed investors, opening a path to appeal the dismissal.
Frequently asked questions
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What did the Argentine judge rule in the Milei LIBRA case?
Judge Marcelo Martínez de Giorgi dismissed the criminal case against President Javier Milei and 10 others, finding the evidence did not establish "criminally relevant deception" and that the events "do not fit any legal offense."
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How badly did LIBRA collapse after Milei's post?
The token's market cap topped $4.5 billion after Milei's Feb. 14, 2025 X post, then fell about 95% within hours. Onchain analysts traced $107 million in cash-outs to eight wallets tied to the team.
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Who else was cleared alongside Milei?
The ruling cleared 10 others, including Karina Milei, the presidency's secretary general, LIBRA self-described launch adviser Hayden Davis, crypto lobbyist Mauricio Novelli, and Julian Peh of KIP Protocol.
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Can the dismissal of the LIBRA case still be appealed?
Potentially. Investors removed as plaintiffs in July are asking the Federal Criminal Cassation Court to reinstate them. If reinstated, they could appeal Friday's dismissal.
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Why does the opposition call the ruling a cover-up?
Opposition deputy Maximiliano Ferraro cited unexplained meetings by LIBRA promoters at the Casa Rosada and Quinta de Olivos, crypto transactions around the launch, and Milei's calls on launch day. Critics also flagged Milei's decree appointing the judge's wife to a federal court 12 days after plaintiffs were removed.
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