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A federal court dismissed a class-action lawsuit accusing Caitlyn Jenner’s JENNER memecoin of being an unregistered security, ruling that the token did not meet key requirements under the Howey Test—specifically the “common enterprise” element.
The decision, issued Thursday by California federal judge Stanley Blumenfeld Jr., found that plaintiffs failed to show the JENNER token satisfied the legal criteria for a security. The Howey Test, established by a 1946 U.S. Supreme Court decision, evaluates whether an arrangement qualifies as an investment contract. Under the test, an investment contract generally requires capital invested in a collective venture with an expectation of profits derived from the efforts of others.
Judge Blumenfeld concluded the token failed to satisfy two components of the Howey framework. He determined there was insufficient evidence of a “common enterprise” connecting purchasers of the JENNER token.
The primary plaintiff, Lee Greenfield, is based in the United Kingdom. Greenfield alleged losses of more than $40,000 after purchasing the token across both the Solana and Ethereum networks during May 2024.
Greenfield’s legal team argued that Jenner used her public profile to promote the token. The complaint referenced an X platform post featuring an AI-created image of Jenner wearing a “JENNER ETH” shirt, which the filing said was used to market the cryptocurrency to potential buyers.
The lawsuit was initially filed in November 2024 against Jenner and her manager, Sophia Hutchins, who died in July 2025. A revised complaint alleged that investors pooled their resources based on Jenner’s promise that a 3% transaction fee would be used for token repurchases, promotional activities, and political donations to Donald Trump’s campaign, as well as for fractional ownership shares tied to her Olympic gold medal.
Judge Blumenfeld rejected the plaintiffs’ “pooling” theory. In his ruling, the judge said the allegations did not establish that investors agreed to share profits and losses or combine resources beyond the act of purchasing the cryptocurrency.
The Olympic medal ownership initiative was disclosed in August 2024—after Greenfield said he had already completed his token purchases—and the initiative ultimately did not materialize.
The court also found that Jenner’s promotional efforts, by themselves, were not enough to establish a common enterprise under securities law.
The JENNER token launched on the Solana blockchain in May 2024 through the Pump.fun platform. Controversy followed soon after, when Jenner and other celebrity endorsers alleged they were defrauded by a partner identified as Sahil Arora.
Jenner later relaunched the token on the Ethereum network. Investors claimed the migration harmed the market value of the original Solana version.
The cryptocurrency reached a peak market capitalization of approximately $7.5 million in June 2024. After that, its value fell sharply, losing virtually all market worth.
The court denied the plaintiffs’ motion to file a third amended complaint. Claims under California state law—covering contract violations and fraud—were transferred to state court for potential further proceedings.
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