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Caitlyn Jenner escapes memecoin lawsuit as judge says token not a security
TL;DR
Caitlyn Jenner has won a legal battle as a judge ruled her memecoin is not a security under US law, dismissing a class-action lawsuit against her. The court found no evidence that the JENNER tokens were investment contracts or pooled investor funds.
Key points
- Caitlyn Jenner's memecoin is ruled not a security by a federal judge
- The lawsuit claimed investment contracts were not established
- JENNER tokens were intended for entertainment purposes only
Mentioned in this story
Caitlyn JennerSophia HutchinsEthereum
JENNER token
US media personality and former Olympian Caitlyn Jenner has escaped a class-action lawsuit after a federal judge ruled her memecoin was not a security under US law.
California federal judge Stanley Blumenfeld Jr. wrote in an order on Thursday that the lawsuit failed to plausibly plead that Caitlyn Jenner (JENNER) tokens were investment contracts, as they didn’t pool investor money or use funds to develop “any related product or technology.”
“Defendants stated that ‘[t]he $JENNER token is a memecoin on the Ethereum blockchain intended solely for entertainment purposes,’ and that its value would increase because Jenner would use her fame and influence to promote it, increasing demand,” the order said.
“Promotion alone, however, does not establish a common enterprise absent pooling or a structure linking investor fortunes,” it added.
A group of JENNER memecoin buyers first sued Jenner and her late manager, Sophia Hutchins, in November 2024, claiming they lost thousands of dollars as the token’s price collapsed and that JENNER was an unregistered securities offering.
Caitlyn Jenner, pictured at a conference in 2017, was sued by a group of buyers of her memecoin that claimed they lost thousands of dollars. Source: Web Summit
Blumenfeld tossed the suit in May 2025 for failure to state a claim, and the group filed an amended complaint later that same month, led by Lee Greenfield, a UK citizen who claimed he lost more than $40,000 investing in JENNER.
The amended complaint had argued that investors had pooled their assets as Jenner promised that once the token reached a market value of $50 million, a 3% transaction fee would fund token buybacks, marketing, donations to Donald Trump’s presidential campaign and a token for ownership in Jenner’s Olympic gold medal.
Blumenfeld wrote that the amended complaint heavily focused on planned donations to Trump, but didn’t explain how investors believed that doing so would provide a financial return to them.
Q&A
Why did the judge rule Caitlyn Jenner's memecoin is not a security?
The judge determined that the JENNER tokens did not qualify as investment contracts because they did not pool investor money or fund any related products.
What was the basis of the lawsuit against Caitlyn Jenner regarding the JENNER token?
The lawsuit claimed that Jenner and her late manager offered an unregistered security, alleging that buyers lost money as the token's price collapsed.
What are the implications of the ruling for memecoins in the US?
The ruling suggests that memecoins like JENNER may not be classified as securities under US law, potentially impacting how similar tokens are regulated.
