A federal judge has dismissed a class-action claim that Caitlyn Jenner’s memecoin was an unregistered security, finding the plaintiffs failed to plausibly allege the tokens were investment contracts under U.S. law.
U.S. District Judge Stanley Blumenfeld Jr. wrote in an order that the complaint did not show buyers pooled money or that proceeds were used to develop any related product or technology. The court noted defendants had described the $JENNER token as “a memecoin on the Ethereum blockchain intended solely for entertainment purposes,” and that any increase in value was to result from Jenner using her fame to promote the token. The judge said promotion alone does not establish a common enterprise absent pooling or a structure linking investor fortunes.
The suit, first filed in November 2024, named Jenner and her late manager Sophia Hutchins after buyers alleged they lost thousands when the token’s price collapsed. Blumenfeld had earlier dismissed the original complaint in May 2025 for failure to state a claim; plaintiffs filed an amended complaint that month led by Lee Greenfield, who says he lost more than $40,000.
The amended filing alleged investors pooled assets based on Jenner’s purported promise that, if the token reached a $50 million market value, a 3% transaction fee would fund buybacks, marketing, donations to Donald Trump’s presidential campaign and a token representing fractional ownership of Jenner’s Olympic gold medal. Blumenfeld said the complaint emphasized the planned donations to Trump but failed to explain how investors would expect those donations to produce a financial return. He also noted the fractional-ownership plan was announced after Greenfield’s last purchase and was never executed.
The judge denied further amendment of the federal complaint and suggested claims over contracts and common-law fraud under California law are better suited for state court.
The JENNER token was initially launched on the Solana blockchain via memecoin creator Pump.fun in May 2024 and became embroiled in controversy when Jenner and other celebrity token promoters alleged they were scammed by Sahil Arora, a claimed collaborator. Jenner later relaunched the token on Ethereum, a move plaintiffs said reduced the value of the original Solana issuance. The token has since largely lost its value after peaking at nearly $7.5 million in June 2024.
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