Argentine Court Lifts Bank Secrecy on President Milei Amid LIBRA Memecoin Probe

Federal Judge Maria Servini has ordered the lifting of bank secrecy protections for Argentine President Javier Milei, his sister Karina Milei, and three associates. The May 16 ruling follows a controversial February social media post where Milei promoted the LIBRA memecoin, triggering a speculative rally that collapsed amid insider sell-offs.

LIBRA’s market capitalization briefly touched $4.5 billion before plummeting, leaving retail investors with substantial losses. While Milei deleted the post and denies profiting from the promotion, judicial and legislative investigations continue to examine potential market manipulation.

The court’s request to Argentina’s central bank seeks financial records that could illuminate the relationship between the presidential circle and the memecoin’s volatile trading activity. This case underscores the regulatory gray area surrounding celebrity-endorsed cryptocurrencies in emerging markets.