A 60-page ruling from an Argentine federal court has brought legal proceedings against President Javier Milei to a close. Federal Judge Marcelo Martínez de Giorgi officially dismissed the LIBRA token criminal case against the president and ten other defendants on Oct. 23, 2026, granting a request by federal prosecutor Eduardo Taiano.
All defendants were cleared without ever being summoned for formal questioning by judicial investigators. The case surrounding the Solana-based coin emerged after its price crashed sharply following its February 2025 launch. The judge drew a clear legal boundary: losses resulting from market volatility do not constitute a criminal offense.
Why the Price Collapse Was Not Deemed Fraud
The case dates back to the launch of the LIBRA token on the Solana network in February 2025. Milei had promoted the private project supporting Argentine businesses via his personal social media account. The move triggered a brief price surge before the value collapsed dramatically, sparking fraud complaints.
Judge Martínez de Giorgi accepted prosecutor Taiano’s argument that promoting the coin, a short-lived price spike, and a subsequent collapse in value do not satisfy the elements of criminal fraud. The crux lay in the absence of evidence of intent: investigators found no specific false statements deliberately made to deceive buyers when the coin was marketed.
An investigation into the president’s sister, Karina Milei, also yielded no criminal findings. Prosecutors examined unsigned documents and notes stored on Mauricio Novelli’s mobile phone. As a result, investigators found no evidence that Karina accepted money to grant lobbying access to the president.
Parallel Lawsuit in New York Court
Along with Javier and Karina Milei, nine others cleared of criminal charges include US businessman Hayden Davis, Mauricio Novelli, Manuel Terrones Godoy, Sergio Morales, Julian Peh, María Alicia Rafaele, María Pía Novelli, Camilo Rodríguez Blanco, and Orlando Mellino.
The ruling in Argentina complements an earlier verdict issued in the United States. On September 29, 2026, Judge Jennifer L. Rochon of the New York District Court dismissed a class action lawsuit against Kelsier, Hayden Davis, former Meteora CEO Benjamin Chow, and Meteora entities permanently, or with prejudice.
Judge Rochon had previously frozen USDC assets across two crypto wallets in May 2025. However, the $57.6 million in seized funds was released in August 2025 after the defendants complied with court-ordered legal restrictions.
For burned token buyers, the rulings across both countries underscore a clear legal boundary: public figure promotions and market price collapses do not automatically constitute fraud without proof of deliberate misrepresentation.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
