What happened in the Caitlyn Jenner memecoin lawsuit?

A US federal judge dismissed a class-action lawsuit tied to a memecoin promoted by Caitlyn Jenner. The court ruled the token did not qualify as a security under US law. This effectively ended the federal case against the project.

Why did the court dismiss the Jenner memecoin case?

Judge Stanley Blumenfeld Jr. found that the plaintiffs failed to prove the token functioned as an investment contract. Specifically, there was no clear evidence of pooled funds or structured financial returns. Without these elements, the case did not meet the legal standard for securities.

What legal test was used to evaluate the token?

The court applied the “investment contract” framework under US securities law, often linked to the Howey Test. This requires proof of a common enterprise and expectation of profits from others’ efforts. The judge concluded those criteria were not satisfied.

What did the judge say about token promotion?

The judge stated that “promotion alone, however, does not establish a common enterprise.” This means marketing or hype is not enough to classify a token as a security. There must be a clear financial structure linking investors’ returns.

What were investors claiming in the lawsuit?

Investors alleged they lost money after the token’s value dropped and argued it was an unregistered securities offering. They pointed to plans like buybacks, marketing efforts, and other initiatives as reasons they expected profits. However, the court found these claims insufficient.

Why were the claims about token use rejected?

The complaint included proposed uses such as donations and fractional ownership tied to Jenner’s Olympic medal. The court ruled these plans lacked a clear connection to investor returns. Some were also introduced after investors had already bought the token or never implemented.

What happened to the JENNER token after launch?

The JENNER token launched in May 2024 and later migrated to another blockchain, which became part of the dispute. Its market value declined significantly from its peak over time. This drop triggered investor losses and legal action.

Does this ruling mean all memecoins are not securities?

No, this ruling applies specifically to this case and its facts. Other tokens could still be classified as securities depending on how they are structured and marketed. Each case depends on whether it meets legal criteria like pooled funds and profit expectations.

Judge dismisses Caitlyn Jenner memecoin lawsuit

Written by Mahathir BayenaPublished Apr. 19 2026Last Updated Apr. 19 2026

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.