The Argentine judiciary recently concluded its investigation into the alleged wrongdoing involving the digital asset “Libra” (Coin ticker LIBRA). According to a judgment issued on the 23rd, it was determined that the president’s actions—promoting the coin on X (formerly Twitter) and causing its price to surge then plummet—did not constitute a criminal offense.
In February of the previous year, President Labiér Milray of Argentina promoted the performance and prospects of the Libra token on X, thereby advertising it. The promotion caused the price to rise temporarily but subsequently fall sharply, resulting in significant losses for investors. Authorities confirmed that approximately $9.9 million worth of digital assets were withdrawn from eight wallets. This raised the possibility that a “rug pull”‑style scheme had been carried out.
Nevertheless, the court held that such conduct did not constitute an offense under Article 336(3) of Argentina’s Criminal Procedure Code. The judge noted that while President Milray’s X posts had an impact on the market, they did not amount to a deliberate plan to defraud. Consequently, the investigation was closed. As a result, the prosecution against eleven individuals—including Milray and his daughter Cariña Milray, as well as U.S. businessman Hiden Davis who was known for the “initial public offering” of Libra token—was dismissed.
This case is notable because it follows Argentina’s regulatory review of digital asset markets and the establishment of an internal task force (UTI). In June of the same year, a ruling concluded that President Milray had not committed any wrongdoing in this regard. The case also followed a lawsuit filed by investor groups in New York in September 2025, underscoring the need for stronger regulatory enforcement to protect investors and enhance trust in digital asset markets.
Overall, the judgment reaffirms that political leaders’ public statements can have significant market influence, and it highlights the necessity of clear guidelines and accountability going forward. It also signals Argentina’s continued commitment to transparency and investor protection in the digital asset space.