Libra Scandal Task Force Disbanded—But Court Case Heats Up

Crypto News Regulation

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 21, 2025

Key Takeaways

President Milei shut down the Libra investigation unit by claiming it had "fulfilled its purpose" without offering clear details;
Critics accused the government of avoiding real accountability over the Libra token scandal;
Judge María Servini continues her separate inquiry by requesting financial data from Milei, his sister, and others tied to the case.

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Libra Scandal Task Force Disbanded—But Court Case Heats Up

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Argentina’s president, Javier Milei, has ended the official investigation into the Libra meme coin scandal, also known as Libragate.

A formal order signed on May 19 by President Milei and Justice Minister Mariano Cúneo closed the Investigation Task Unit (UTI). The statement claimed the group had "fulfilled its purpose", though no clear explanation was given.

The task force had been gathering information on the Libra token, which gained sudden attention after President Milei promoted it on X in mid-February. That post led to a jump in Libra’s market value, which briefly reached $4.5 billion. However, the price suddenly dropped by over 97% within hours.

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Lawmakers from opposing parties criticized the decision. Julia Strada shared on X that the investigation unit was never meant to work properly.

Additionally, Lawmaker Maximiliano Ferraro posted on X that the administration was "doing everything it can to prevent the truth from coming out".

However, according to a report from Clarín, a local media outlet, Judge María Servini continues her review and has ordered banks to provide financial records for several people connected to the Libra case. This includes President Milei, his sister Karina, Mauricio Novelli, Manuel Terrones Godoy, and Sergio Morales.

The judge’s request covers account history, investment activity, and any large or unusual asset changes starting from 2023.

Meanwhile, Caroline Crenshaw, the only Democrat currently serving on the US Securities and Exchange Commission (SEC), voiced concerns about the agency’s changing approach to crypto oversight. What did she say? Read the full story.