The government appreciated Hayden Davis's arguments regarding $LIBRA before the U.S. court: "It was a project to fund SMEs."

The Government came out to endorse the statements made by American businessman Hayden Davis , one of the creators of the ill-fated $LIBRA token, before the New York Courts, in which he assured that there was no scam behind the crypto asset and that its main objective was to fund SMEs. However, they downplayed his statements that the investment had gone haywire after Javier Milei decided to delete X's post in which he supported that initiative.

Davis's testimony came as part of the investor class action lawsuit being heard in the federal court for the Southern District of New York. The executive branch's reaction came after the documents, dated June 23, became public this week.

Davis had met Milei at the Tech Forum, an event for crypto developers held at the Hotel Libertador on a Saturday in October 2024 , and even took a photo with the President at Casa Rosada when he visited him on January 31 of this year . A qualified source close to Javier and Karina Milei agreed with what the young financier stated and when asked by this newspaper, stressed that his statements supported the objectives of the token launched on February 14, 2025 - "financing SMEs" - and that at no time did he involve the President in the aforementioned financial operation.

For his part, Gustavo Nigohosian , an anti-fraud expert and advisor to the Anti-Corruption Office (OA) - an agency dependent on the Ministry of Justice that assisted the commission created by the Executive as a way to mitigate the scandal -, the young executive attempted to avoid responsibility in his legal presentation and while he understood that the latter "probably leveraged the drop in Milei's tweet to justify the drop in price, deep down there were experienced investors who knew about the project because it is information that circulates in that specialized field." In addition, he recalled that "80% of the tokens have dropped their price in their first 10 minutes" of operation but that many later recover their value because it is an investment "with non-traditional behavior."

In that testimony, which was reported by Infobae and La Nación, Davis attempted to evade responsibility in a scandal that also has judicial repercussions in Argentina and Spain, for example.

“Immediately after launch, many in the social media sphere attacked $LIBRA as a fake or a scam. These claims were, and remain, false. President Milei’s decision to delete his post on X fueled claims that $LIBRA was a scam, but the claims remain false, and efforts to jump-start the $LIBRA project’s ambitions have been rendered impossible to resurrect while this court order is in place,” he said, questioning the possibility of such an investigation taking place in a city where he has never done business.

In this regard, the businessman asserted that the token was intended to benefit "small businesses and educational initiatives in Argentina, as indicated on the $LIBRA website," referring to the same argument Milei gave a few days after the scandal broke. The US justice system has frozen nearly $60 million in crypto assets in the case.

Nigohosian has spoken at various forums, including the Chamber of Deputies' Libra committee. Speaking to Clarín , he argued that Davis tried in his presentation to remove New York as the jurisdiction for the investigation into the incident and instead have it processed in Argentina, "in Switzerland, where the Solana blockchain (which provides technological support for Libra) is located, or in Singapore," arguing that the case's mission was to "fund SMEs." The expert even suggested that he found it to be "a consistent narrative" and that he has suggested "internally to the Chief of Staff (chief of staff) to continue these types of projects" in order to fund companies.

He also agreed that the media reaction and Twitter interactions favored the deletion of the presidential tweet in which the token was "disseminated" and justified the need to wait for the project's implementation phases to determine its viability. However, he warned that in this case, the "instrumentation" of the investment distribution was not known. "The people below the President should have known a prior verification process for this project, that is, how that investment would be remunerated," he indicated.

In this context, the professor also praised Davis's "statement that it was a valid project. We need to get that money back—it's currently frozen in New York—and now we need to know how that return will work . Davis and the owners of Libra should define it." In this regard, he advocated for "legal modifications" to emerge from this case to stimulate an activity that will allow Argentina to "attract investment funds from around the world."