California Judge Rules JENNER Memecoin Not a Security in Class Action Case

A California judge has determined that Caitlyn Jenner's JENNER memecoin does not qualify as a security in a class action lawsuit filed by Lee Greenfield. According to NS3.AI, Greenfield claimed to have lost over $40,000 and argued that the memecoin constituted a security under the Howey test. However, U.S. District Judge Stanley Blumenfeld Jr. concluded that Greenfield failed to plausibly demonstrate a common enterprise, a key component of the Howey test. The judge noted that any remaining non-federal claims could be addressed in state court.