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A federal judge has dismissed a class-action lawsuit accusing Caitlyn Jenner of promoting a memecoin without registering it as a security, ruling that the token does not qualify as an unregistered security under current law. The case is over.
The lawsuit alleged that Jenner marketed the memecoin in a way that resembled an investment, including claims that purchasers would profit in the future. However, the judge found the allegations did not meet the legal standard required to classify the token as a security. As a result, the court rejected the plaintiffs’ attempt to bring the claim under securities law.
The ruling centered on how a security is defined and whether the plaintiffs’ claims were sufficient to show that the token was sold with the type of promises that would trigger securities-law coverage. The judge concluded that the evidence presented was not strong enough to support that classification, leaving the token outside securities regulation in this case.
The decision may affect how similar lawsuits are framed, particularly those relying on marketing and investment-style language. Token classification has been inconsistent across regulators and courts, creating significant uncertainty for token issuers and potential plaintiffs.
By narrowing what can be challenged as an unregistered security, the ruling is favorable to token promoters. At the same time, it does not resolve the broader issue for all digital assets, since courts are expected to continue evaluating each token based on its specific facts, including its structure and how it is marketed.
Jenner’s legal team and the plaintiffs had not publicly commented following the ruling. While the lawsuit is finished, the broader questions around how memecoins and other digital assets should be regulated remain unresolved, and additional court cases and regulatory guidance are expected to continue.
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