Caitlyn Jenner escapes memecoin lawsuit as judge says token not a security
A judge dismissed a lawsuit against Caitlyn Jenner regarding her memecoin, ruling it wasn't an unregistered security.Summary
A federal judge has dismissed a class-action lawsuit against Caitlyn Jenner concerning her memecoin, determining that the plaintiffs did not adequately demonstrate the token qualified as an unregistered security. The lawsuit, filed by investors who lost money as the token’s value declined, alleged that the 'JENNER' token was an investment contract. However, the judge found that the complaint failed to plausibly allege that investors pooled funds for development or expected a financial return. The court noted that the token was marketed as entertainment, with value driven by Jenner’s promotion, and that planned donations to Donald Trump’s campaign or fractional ownership of Jenner’s Olympic medal did not indicate a promise of financial return to investors. The judge also denied the plaintiffs another opportunity to amend the lawsuit and suggested state court might be a more appropriate venue for certain claims. This ruling follows previous claims that Jenner was scammed by a collaborator on the token, leading to a relaunch on Ethereum, which ultimately saw the token lose most of its value.
(Source：Headtopics)