An Argentinian federal judge has dropped a criminal inquiry into President Javier Milei regarding the collapse of a digital token he previously promoted online, according to court records cited by Al Jazeera and Reuters. Judge Marcelo Martinez de Giorgi ruled that the investigated events did not constitute a criminal offence, concluding that price drops and investor losses alone were not enough to establish a fraudulent scheme.

According to Al Jazeera and Reuters, the investigation focused on President Milei and his sister, Karina Milei, over the launch of the $Libra token. The cryptocurrency experienced a brief rally before crashing after Milei recommended the meme coin in a social media post in February 2025. Al Jazeera reported that the president later deleted the post and denied any connection to the cryptocurrency.

Judge Martinez de Giorgi noted in his ruling, as reported by Al Jazeera and Reuters, that while the president's institutional standing could have given the coin's launch greater impact, that alone did not translate into fraud. The judge also dismissed an inquiry into US businessman Hayden Davis, who identified himself as a launch adviser for the token and acknowledged holding nearly $100m after the crash while denying any wrongdoing.

The official presidential office released a statement on social media celebrating the decision, stating that a president had been investigated with complete freedom resulting in proof of innocence, while questioning the use of public resources for the inquiry, according to Al Jazeera and Reuters.

Background

Al Jazeera and Reuters reported that Javier Milei took office in 2023 and has since implemented major economic measures, including laying off thousands of state employees, shutting ministries, reducing government programmes, and cutting subsidies to combat high inflation. Inflation has since fallen to approximately two percent a month under these economic plans.

Additionally, Al Jazeera and Reuters noted that Milei maintains close ties with US President Donald Trump, who previously backed the Argentinian leader and described him as a favourite president during a White House visit last year. Milei also urged Trump to emerge stronger from US midterm elections, highlighting the vote's significance for the West.

Why it matters

For readers observing international governance and economic policy, the case highlights the legal intersections between digital asset promotion by high-ranking state officials and judicial oversight. The resolution of the inquiry through established court procedures demonstrates how regulatory and judicial institutions process financial controversies involving sitting heads of state.