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On Friday, a district judge in California issued a ruling that Caitlyn Jenner’s JENNER cryptocurrency does not constitute a financial security. The decision followed a class-action lawsuit alleging that the celebrity promoted unregulated assets.
The court analyzed the case using the Howey Test, which is used to determine whether an asset qualifies as an investment contract. The judge concluded that the record did not support key elements of a security classification, including a common enterprise or technical capital pooling mechanisms.
While the plaintiffs argued that Jenner’s fame affected investors’ expectations of profits, the ruling emphasized that investors did not share profits or losses collectively. The court treated this distinction as central to differentiating memecoins from traditional securities.
The defense for Jenner and her late manager, Sophia Hutchins, maintained that the Ethereum-based token lacked the characteristics of a security. The court validated that position, citing deficiencies in the prosecution’s arguments.
The verdict is described as a significant precedent for celebrity-linked cryptocurrencies. By ruling in favor of the defense, the court limited the ability of investors to pursue damages based solely on market volatility.
The judge also rejected the idea that transaction taxes or marketing plans, by themselves, amounted to an investment in a common enterprise. According to the record, resources were not pooled to generate capital beyond the coin itself.
Judge Blumenfeld dismissed the federal charges. The ruling indicated that any remaining state-level claims would need to be addressed in other venues.
Overall, the decision drew a clear line on federal securities jurisdiction, based on the absence of a common enterprise and collective profit or loss sharing.
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