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US media personality and former Olympian Caitlyn Jenner has escaped a class-action lawsuit after a federal judge ruled her memecoin was not a security under US law.
In an order issued Thursday, California federal judge Stanley Blumenfeld Jr. said the lawsuit failed to plausibly plead that Caitlyn Jenner (JENNER) tokens were investment contracts. The judge found the complaint did not show that investor money was pooled or that funds were used to develop any related product or technology.
The order cited the defendants’ position that “the $JENNER token is a memecoin on the Ethereum blockchain intended solely for entertainment purposes,” and that its value would rise because Jenner would use her fame and influence to promote it and increase demand.
Blumenfeld said that promotion alone was insufficient to establish a common enterprise without pooling or a structure linking investor fortunes.
A group of JENNER memecoin buyers first sued Jenner and her late manager, Sophia Hutchins, in November 2024. The plaintiffs said they lost thousands of dollars after the token’s price collapsed and argued that JENNER was an unregistered securities offering.
Blumenfeld dismissed the suit in May 2025 for failure to state a claim. The group then filed an amended complaint later that month, led by Lee Greenfield, a UK citizen who said he lost more than $40,000 after investing in JENNER.
The amended complaint argued that investors pooled their assets based on Jenner’s promises that once the token reached a market value of $50 million, a 3% transaction fee would fund token buybacks, marketing, donations to Donald Trump’s presidential campaign, and a token representing ownership in Jenner’s Olympic gold medal.
Blumenfeld said the amended complaint placed heavy emphasis on planned donations to Trump but did not explain how investors believed those actions would generate a financial return for them.
The judge also noted that a plan to distribute fractionalized ownership interests in Jenner’s gold medal did not support Greenfield’s claim because the plan was announced in August 2024—after the last of his purchases—and was never executed.
JENNER was first launched on the Solana blockchain in May 2024 via the memecoin creator Pump.fun. It later became embroiled in controversy after Jenner and other celebrity launchers claimed they were scammed by Sahil Arora, who was described as a collaborator on the tokens.
Jenner later relaunched the token on Ethereum. Investors alleged the move reduced the value of the original Solana token. The token subsequently lost nearly all of its value after reaching a peak value of nearly $7.5 million in June 2024.
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