Court denies investors’ lawsuit against the issuer of the Olympic champion’s meme coin., 2026/04/19 12:04:40

A California court has dismissed a class-action lawsuit against American Olympic champion Caitlyn Jenner, ruling that her meme coin JENNER does not qualify as a security.

The court declined to grant the plaintiffs another chance to amend their complaint. In the ruling, the judge noted that the plaintiffs failed to convincingly demonstrate that the JENNER tokens constitute investment contracts. There was no evidence of pooling investor funds or the use of the collected money by the issuer for the development of any product or technology.

The token’s creators initially stated, “JENNER is a meme coin on the Ethereum blockchain, created solely for entertainment purposes.” They claimed that the increase in value would be driven by Jenner’s popularity and influence, which she intended to leverage to boost demand for the asset.

“Merely promoting the project is insufficient to classify it as a joint venture if there is no pooling of funds or a structure linking the financial outcomes of investors,” the court explained in its decision.

The JENNER meme coin was launched in May 2024 on the Solana blockchain via the Pump.fun platform. Almost immediately, the project became embroiled in controversy: Jenner and other celebrities who were launching their own meme coins at the time alleged that they were deceived by crypto expert Sahil Arora, who presented himself as a token partnership consultant. Jenner accused him of insider trading.

Subsequently, Jenner relaunched the token on the Ethereum blockchain, but it was unsuccessful: after peaking at a market capitalization of $7.5 million in June 2024, the token nearly lost all its value.

A group of JENNER buyers filed a lawsuit against Caitlyn Jenner and her late manager in November 2024. The plaintiffs claimed they lost thousands of dollars due to the price collapse and insisted that JENNER was an unregistered security. In May 2025, the court dismissed the lawsuit due to insufficient grounds for the claims. The group then submitted an amended complaint. In the new version of the lawsuit, investors argued that Jenner failed to fulfill a key promise — that once the market value of the token reached $50 million, 3% of each transaction would go towards token buybacks, marketing, donations to Donald Trump’s campaign, plus the issuance of a token that would reward for Jenner’s Olympic medals. However, the court determined that even if all promises were fulfilled, it would not guarantee profits for the investors.