U.S. Judge Rules Caitlyn Jenner’s Memecoin Is Not a Security, Dismisses Class Action

$JENNER launched on Solana and Ethereum in May 2024. Investor Lee Greenfield lost money after investing more than $40,000 and filed a class-action lawsuit on November 13 that year. The case centered on whether a celebrity-promoted memecoin qualified as a security under the Howey Test established by the U.S. Supreme Court in 1946.

U.S. District Judge Stanley Blumenfeld Jr. of the Central District of California ruled on April 16, 2026, that $JENNER did not pool investors’ funds or use the proceeds to develop related products or technology, meaning it lacked the required “common enterprise.” Jenner’s pledge to use a 3% transaction tax for buybacks was also insufficient to create an investment contract, the judge found, dismissing the federal securities claims.