Caitlyn Jenner’s JENNER Memecoin Ruled Not a Security by Federal Judge

TLDR

• A federal judge dismissed a class-action lawsuit against Caitlyn Jenner over her JENNER memecoin
• Judge ruled the token did not meet the legal definition of a security under the Howey Test
• Lead plaintiff Lee Greenfield claimed he lost over $40,000 investing in the token
• The judge found no “common enterprise” between investors, a key legal requirement
• Remaining state law claims were redirected to California state court

Caitlyn Jenner has avoided legal liability after a federal judge threw out a class-action lawsuit claiming her JENNER memecoin was an unregistered security.

California federal judge Stanley Blumenfeld Jr. issued the ruling on Thursday. He said the lawsuit failed to prove that the JENNER token met the legal definition of a security.

The case centered on the Howey Test, a standard from a 1946 Supreme Court case. Under this test, an investment contract must involve money pooled in a common enterprise with an expectation of profit from others’ efforts.

The judge ruled that two of the three Howey Test requirements were not met. He found no evidence of a “common enterprise” among JENNER token buyers.

Lee Greenfield, a UK citizen, was the lead plaintiff. He said he lost more than $40,000 buying the token on both the Solana and Ethereum blockchains in May 2024.

Greenfield argued that Jenner used her celebrity status to hype the token. The complaint referenced an X post showing an AI-generated image of Jenner in a “JENNER ETH” T-shirt, promoting the token to the public.

The original lawsuit was filed in November 2024 against Jenner and her manager Sophia Hutchins. Hutchins later died in July 2025.

The amended complaint argued investors had pooled assets because Jenner promised a 3% transaction fee would fund token buybacks, marketing, donations to Donald Trump’s campaign, and fractional ownership of her Olympic gold medal.

Why the Pooling Argument Failed

The judge rejected the pooling argument. He said the allegations did not show investors agreed to split profits and losses or pool resources for anything beyond buying the coin itself.

The gold medal ownership plan was announced in August 2024, after Greenfield had already made his purchases, and was never carried out.

The judge also dismissed Jenner’s promotional activity as not enough to establish a common enterprise on its own.

Background on the JENNER Token

JENNER first launched on the Solana blockchain in May 2024 through the platform Pump.fun. It quickly drew controversy when Jenner and other celebrities claimed they were scammed by a collaborator named Sahil Arora.

Jenner relaunched the token on Ethereum. Investors claimed this hurt the value of the original Solana version.

The token peaked at a market value of nearly $7.5 million in June 2024. It has since lost nearly all of its value.

What Happens Next

The judge denied the plaintiff’s request to file a third amended complaint. Non-federal claims under California contract and fraud law were referred to state court.

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