# Court Sides With Caitlyn Jenner in Memecoin Lawsuit

*Author: Jack Inabinet*
*Published: Apr 21, 2026*
*Source: https://www.bankless.com/de/read/news/court-sides-with-caitlyn-jenner-in-memecoin-lawsuit*

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Ruling for the United States District Court, Central District of California, Judge Stanley Blumenfeld Jr. has dismissed a pending class action lawsuit against Caitlyn Jenner over the Olympian's self-promoted memecoin.

### What's the Scoop?
- **Not a Security:** A federal judge has declined to certify the class action lawsuit sought in the [case](https://www.courtlistener.com/docket/69370312/101/naeem-azad-v-caitlyn-jenner/) of *Naeem Azad v. Caitlyn Jenner*, ruling that the JENNER memecoin does not constitute a security under federal law. The court found no evidence of a "common enterprise," as investor funds were not pooled or used to build a product, key requirements under the Howey Test. Although Jenner engaged in vague marketing efforts, promising to use her token's 3% trade tax to institute a buyback program, investor success was speculative and not directly tied to Jenner's efforts.
- **Prior Guidance:** Following the launch and subsequent collapse of JENNER, in February 2025, the Securities and Exchange Commission (SEC's) Division of Corporate Finance [issued](https://www.sec.gov/newsroom/speeches-statements/staff-statement-meme-coins) a staff statement, clarifying that federal securities laws do not typically apply to memecoins – describing them as speculative, entertainment-driven assets akin to collectibles, with no pooled investment structure or expectation of profits derived from the efforts of others.

> A federal judge just ruled Caitlyn Jenner's [$JENNER](https://twitter.com/search?q=%24JENNER&src=ctag&ref_src=twsrc%5Etfw) memecoin is NOT a security.At its core is the 1946 Howey Test, which decides if something is a regulated investment (like stocks).For it to qualify, investors need a "common enterprise,” but here, there was none.No pooling… [pic.twitter.com/ZlOWn7xQQS](https://t.co/ZlOWn7xQQS)— Ariel Givner (@GivnerAriel) [April 20, 2026](https://twitter.com/GivnerAriel/status/2046341506773004484?ref_src=twsrc%5Etfw)
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