An Argentine federal judge on Oct. 23 ruled that President Javier Milei’s promotion of the LIBRA meme coin did not amount to a crime, clearing Milei, his sister and presidential secretary-general Karina Milei, and nine other people in the case.
According to Argentine media outlet Infobae, Judge Marcelo Martínez de Giorgi accepted prosecutor Eduardo Taiano’s request not to pursue charges, finding that the facts examined in the investigation 「do not fit any criminal offense」.
Argentina’s presidential office issued an official statement later that day welcoming the decision. It said the judge cited Article 336, paragraph 3 of the National Code of Criminal Procedure, which provides for dismissal when the conduct under investigation does not constitute a crime. The statement also described the probe, which it said lasted 「one year, eight months and nine days」, as an effort aimed solely at damaging the president’s image in an election year.
Judge says financial losses alone are not a crime
Infobae said the ruling found no 「specific false statement」 that caused buyers to purchase LIBRA. The judge described the market in which LIBRA traded as the kind of 「high-volatility」 market typical of meme coins, and said that 「economic loss in itself does not equal a crime」.
The ruling also said Milei’s post was made from a 「personal account」 and did not involve the use of public resources.
Karina Milei documents found to lack evidentiary value
On Karina Milei, the judge said related documents lacked signatures and therefore had no documentary evidentiary value. The evidence on record also did not prove that paid introductions had taken place. Her only direct written link to the case, according to the report, was an authorization in July 2024 allowing LIBRA promoter Hayden Davis and others to enter the presidential office.
Besides the Milei siblings, those cleared included Hayden Davis, trader Mauricio Novelli, and KIP Protocol CEO Julian Peh, among others. The report said none of the 11 people were summoned during the investigation to testify as defendants.
Investors’ right to appeal now rests with a higher court
Milei promoted LIBRA on X on Feb. 14, 2025, saying the token would be used to fund small and medium-sized businesses in Argentina, and later deleted the post. According to CoinDesk, LIBRA fell by more than 90% after launch, causing more than $250 million in investor losses, while eight wallets tied to the issuer withdrew about $99 million.
Chain News reported in June 2025 that Argentina’s Anti-Corruption Office had concluded Milei’s promotion of the meme coin through a personal account was a private communication.
Prosecutor Taiano is not expected to appeal, and the case currently has no private complainants. Investors who had originally joined the proceedings were removed by the judge in July, and an appeals court upheld that decision in September. Those investors have petitioned the Federal Criminal Cassation Court (Cámara Federal de Casación Penal). If they are allowed to recover their status as private complainants, they could still appeal the dismissal.