US Federal Court Assumes Jurisdiction Over LIBRA Meme Coin Lawsuit

The legal battle surrounding the LIBRA meme coin scandal has escalated as a US federal court takes control of the class-action lawsuit. Originally filed in New York state court, the case was transferred to the Southern District of New York on May 9 following a Notice of Removal by defendant Ben Chow.

While Argentina continues its criminal investigations targeting government officials including President Javier Milei, the US proceedings focus solely on civil penalties. The lawsuit alleges significant on-chain losses tied to the LIBRA token, which previously destabilized Argentina’s cryptocurrency community.

Notably absent from the US action are any Argentinian government figures or local entrepreneurs. Instead, the litigation zeroes in on crypto-specific project backers who allegedly spearheaded the controversial initiative.