A federal judge has tossed a class lawsuit over Caitlyn Jenner’s memecoin, saying it did not plausibly allege that the token was an unregistered security.
US media personality and former Olympian Caitlyn Jenner has escaped a class-action lawsuit after a federal judge ruled her memecoin was not a security under US law.
California federal judge Stanley Blumenfeld Jr. wrote in an order on Thursday that the lawsuit failed to plausibly plead that Caitlyn Jenner (JENNER) tokens were investment contracts, as they didn’t pool investor money or use funds to develop “any related product or technology.”
“Defendants stated that ‘[t]he $JENNER token is a memecoin on the Ethereum blockchain intended solely for entertainment purposes,’ and that its value would increase because Jenner would use her fame and influence to promote it, increasing demand,” the order said.
