A US federal judge has dismissed a class-action lawsuit tied to a memecoin promoted by Caitlyn Jenner, ruling it does not qualify as a security under US law.
The court found that investors failed to prove the existence of pooled funds or structured financial returns required to establish an investment contract.
Judge Stanley Blumenfeld Jr. said the complaint did not meet the legal threshold, stating that “promotion alone, however, does not establish a common enterprise.”
The lawsuit, initially filed in November 2024 and amended in May 2025, alleged losses linked to token buybacks, marketing efforts and proposed fund uses.
The court rejected these claims, noting that proposed initiatives such as donations and fractional ownership tied to Jenner’s Olympic medal lacked clear links to investor returns, with no share price reaction applicable.
The ruling also highlighted that some proposals were introduced after investors had already purchased the token or were never implemented, weakening arguments of a structured scheme.
The JENNER token, launched in May 2024 and later migrated across blockchains, declined in value amid controversy, with remaining claims directed to state court after federal dismissal.