Argentina Drops Criminal Probe Into President Milei Over LIBRA Memecoin Crash

An Argentine judge has dropped a criminal investigation into President Javier Milei over his promotion of the LIBRA memecoin, ruling that his actions did not constitute fraud. The decision, announced on [date], clears Milei of allegations that his endorsement misled investors in the cryptocurrency, which crashed shortly after his public support.

The probe was launched after LIBRA's value plummeted, wiping out millions in market value and prompting complaints from investors who claimed they were misled by Milei's promotion. The judge found insufficient evidence to prove fraudulent intent, noting that Milei's endorsement was a matter of public expression rather than a guarantee of financial returns. The case had drawn significant attention due to Milei's high-profile role as a crypto-friendly president.

While the legal reprieve removes an immediate threat for Milei, the controversy may still have political repercussions, raising questions about the responsibilities of public officials in promoting speculative assets. The decision is unlikely to be the final word, as opposition politicians and investor groups may pursue civil actions or push for regulatory oversight. The episode underscores the growing scrutiny of cryptocurrency endorsements by public figures globally.