Milei Cleared of Wrongdoing in Cryptocurrency Investigation
On October 24, 2026, a federal judge in Argentina concluded a criminal investigation involving President Javier Milei and his sister, Karina Milei, concerning the failed launch of a cryptocurrency they previously promoted. Judge Marcelo Martinez de Giorgi announced that there was insufficient evidence to prove any criminal offense in relation to the sudden collapse of the $Libra token, which had experienced only a short-lived surge before its value plummeted.
Judicial Findings
The judge’s ruling emphasized that the investor losses derived from the cryptocurrency’s volatility did not equate to fraudulent activity. Martinez de Giorgi remarked, “The reported events do not constitute a criminal offence,” underscoring that although Milei’s prominence may have amplified the currency’s visibility, it did not constitute a criminal act.
Background of the Case
In February 2025, President Milei publicly endorsed the $Libra token via a post on the social media platform X, later retracting the endorsement and distancing himself from the cryptocurrency amid its subsequent value decline. Concurrently, Hayden Davis, a U.S. businessman who claimed to be the token’s launch adviser, was also cleared of any wrongdoing, despite admitting to holding approximately $100 million after the token’s collapse.
Political Implications
The presidential office of Argentina welcomed the ruling, stating, “For the first time in history, a President of the Nation was investigated with complete freedom, resulting in absolute proof of his innocence.” They also raised concerns regarding the implications of the investigation, questioning the allocation of taxpayer resources and the potential for political manipulation.
Cultural and Political Context
Javier Milei is noted for his close political ties with former U.S. President Donald Trump, with Trump publicly endorsing Milei as his “favorite president.” This relationship undoubtedly places Milei’s policies under international scrutiny, especially as they unfold in the broader context of both nations’ political landscapes. Shortly before the ruling, Milei had urged Trump to bolster his position during the midterm elections in the U.S., indicating the potential for reciprocal political influence.
Domestic Policy and Economic Strategy
Since his inauguration in 2023, Milei’s administration has implemented strict austerity measures, including significant layoffs across various sectors, subsidy cuts, and the dismantling of several government-funded programs. These steps were aimed at combating Argentina’s persistent inflation, which has reportedly decreased to approximately 2% monthly, leading to claims of significant economic growth during his presidency.
Conclusion
The closure of the investigation into President Milei marks a critical moment in his political journey as it reinforces his narrative of accountability and transparency. It remains to be seen how this legal victory will influence his administration’s future policies and its overall standing within the Argentine populace.
