US entrepreneur Hayden Davis testifies in LIBRA case in New York as legal proceedings advance

In the latest development for the ongoing LIBRA coin legal saga, Argentinian newspaper La Nacion reports that Hayden Mark Davis, CEO of Kelsier Ventures, submitted a voluntary statement last Monday to a federal court in New York. The case centers on a class action lawsuit brought by U.S. investors who suffered losses following the rapid rise and subsequent collapse of the controversial LIBRA token.

Davis strongly denied any allegations of fraud, insider trading, or other misconduct. Instead, he attributed the token’s sudden price drop to Argentine President Javier Milei’s decision to delete a social media post endorsing LIBRA. According to Davis, Milei’s tweet initially boosted interest and investment in the project, but its subsequent removal fueled rumors and accusations that LIBRA was a scam, claims that Davis insists are false.

The entrepreneur described LIBRA as a project intended to support small businesses and educational initiatives in Argentina, not as a pump-and-dump scheme to defraud investors. He emphasized that he was unaware of any “snipers” (individuals who allegedly profited by purchasing large amounts of the token just before its launch) and denied any personal involvement in such activities.

Davis also sought to challenge the jurisdiction of New York federal courts, arguing that he has no residence or business activities in New York and that the project was conceived and executed in Argentina. He suggested that any legal proceedings should take place in Argentine courts.

Of particular note in Davis’s statement was his proposal to return approximately $100 million in investor funds, which he reportedly moved between February 14 and 15, 2025. However, this plan was blocked by a U.S. court order freezing over $55 million in crypto assets.

The case continues to unfold, with ongoing investigations in both the United States and Argentina. The Argentine Congress has recently convened a special commission to examine the matter, and experts have raised questions about the circumstances under which President Milei accessed information about the token, casting doubt on some of the official statements made at the outset of the controversy.

As legal and political scrutiny intensifies, the LIBRA case highlights the complexities and risks associated with meme coins and the influence of public figures in the digital asset market.