Judge Dismisses Jenner Memecoin Securities Lawsuit

A federal judge in California has dismissed a class-action lawsuit against Caitlyn Jenner, ruling that her JENNER memecoin does not qualify as an unregistered security under U.S. law. The decision, issued Thursday by U.S. District Judge Stanley Blumenfeld Jr., came in a case filed by investors who claimed significant losses after the token's value plummeted.

The lawsuit, initiated in November 2024, targeted Jenner and her late manager, Sophia Hutchins, who died in July 2025. Lead plaintiff Lee Greenfield, a British investor, alleged he lost more than 40,000 pounds purchasing JENNER tokens on both the Solana and Ethereum blockchains in May 2024. Greenfield and other buyers argued that the token constituted an investment contract, relying on the Howey Test from a 1946 Supreme Court case. This test defines a security as an investment of money in a common enterprise with profits expected primarily from others' efforts.

Judge Blumenfeld found the plaintiffs failed to meet key elements of the test, particularly the requirement for a common enterprise. He noted insufficient evidence that investors pooled resources or shared profits and losses beyond individual purchases. The amended...