US media personality and former Olympian Caitlyn Jenner has been spared a class action lawsuit after a federal judge ruled that her meme coins are not securities under US law.
California federal judge Stanley Blumenfeld Jr. said in an order Thursday that the lawsuit could not plausibly claim that the Caitlyn Jenner (JENNER) token was an investment contract because it did not pool investor funds or use the funds to develop “related products or technology.”
“Defendants stated that the $JENNER token is a meme coin on the Ethereum blockchain intended for entertainment purposes only, and that its value will increase as Jenner uses her fame and influence to promote it and increase demand,” the order states.
“However, promotion alone cannot establish a common business without a pool or a structure that connects the assets of investors,” he added.
A group of JENNER meme coin buyers first sued Jenner and her late manager, Sophia Hutchins, in November 2024, claiming they suffered thousands of dollars in losses due to the token’s collapse in price and that Jenner was offering unregistered securities.
Blumenfeld abandoned the case in May 2025 for failure to state a claim, but later that month the group filed an amended complaint led by British national Lee Greenfield, who claims he lost more than $40,000 investing in Jenner.
The amended complaint alleges that investors pooled their assets because Jenner promised that if the market value of the tokens reached $50 million, a 3% transaction fee would cover token buybacks, marketing, donations to President Donald Trump’s campaign, and ownership tokens for Jenner’s Olympic gold medal.
Mr. Blumenfeld wrote that the amended complaint focuses on the planned donation to Mr. Trump, but does not explain how the investors believed doing so would result in a financial benefit.
“It is also not clear what Jenner’s plan to distribute fractional ownership of the gold medal has to do with Greenfield’s claims, as the plan was not announced or implemented until August 2024, after the gold medal was last purchased.”
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Blumenfeld denied giving the class group another chance to amend the class action, adding that contract and common law fraud claims under California law are best sent to state court.
Jenner was first launched on the Solana blockchain in May 2024 via meme coin creator Pump.fun. It quickly became embroiled in controversy after Jenner and other Meme Coin Launch celebrities claimed to have been scammed by Sahil Arora, a purported collaborator on the token.
Jenner relaunched the token on Ethereum, but investors claimed that the value of the original Solana token had declined. The token reached a peak value of approximately $7.5 million in June 2024 before losing virtually all of its value.
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