A federal judge has dismissed a proposed class action alleging Caitlyn Jenner’s memecoin was an unregistered security, finding plaintiffs did not plausibly show the tokens were investment contracts under U.S. law. U.S. District Judge Stanley Blumenfeld Jr. ruled the complaint failed to allege buyers pooled funds or that sale proceeds were used to develop a product or technology, both factors the court said are relevant to an investment contract analysis.
The court noted defendants had described the token, $JENNER, as “a memecoin on the Ethereum blockchain intended solely for entertainment purposes,” and that any appreciation was expected to come from Jenner using her celebrity to promote the token. Blumenfeld wrote that celebrity promotion alone does not establish a common enterprise without evidence of pooling or some structure tying investor fortunes together.
The suit, first filed in November 2024, named Jenner and her late manager Sophia Hutchins after purchasers said they lost thousands when the token’s price plunged. Judge Blumenfeld previously dismissed the original complaint in May 2025 for failure to state a claim; plaintiffs filed an amended complaint the same month led by plaintiff Lee Greenfield, who says he lost more than $40,000.
The amended complaint alleged investors bought in 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 the issuance of a token representing fractional ownership of Jenner’s Olympic gold medal. The judge said the filing stressed the planned Trump donations but did not explain how those donations would generate a financial return for investors. He also observed the fractional-ownership plan was announced after Greenfield’s last purchase and was never carried out.
Blumenfeld denied leave to amend the federal complaint further and suggested claims grounded in contract or California common-law fraud would be more appropriately pursued in state court.
The JENNER token was originally launched on the Solana blockchain in May 2024 via memecoin creator Pump.fun and later became the subject of controversy when Jenner and other promoters said they were scammed by a claimed collaborator, Sahil Arora. Jenner subsequently relaunched the token on Ethereum, a move plaintiffs said diminished the value of the original Solana issuance. The token peaked at nearly $7.5 million in market value in June 2024 and has since largely lost value.