A California federal judge has dismissed a class-action lawsuit against Caitlyn Jenner over her $JENNER memecoin, citing a lack of U.S. jurisdiction. The case, led by British investor Greenfield, accused the Olympic gold medalist and her business partner, Sophia Hutchins, of crypto fraud. The court ruled that Greenfield failed to prove that his token purchases were made in the U.S., making American securities laws inapplicable.
Details of the Case
The controversy reportedly began when Jenner launched the $JENNER token on the Solana blockchain, hyping it as a hot new investment. Two days later, an identical token appeared on Ethereum, causing the Solana version’s value to plummet. Greenfield, who lost over $40,000, alleged Jenner and Hutchins misled investors and profited from a 3% transaction fee on the Ethereum coin.
The lawsuit claimed the dual-chain launch was a deliberate scheme to tank the original token’s value, leaving investors high and dry. At its peak, $JENNER’s market value hit $7.5 million, but it crashed to just $58,775, wiping out millions for buyers. Greenfield’s complaint lacked details about his purchases, weakening his case and leading to the dismissal.
Controversies Surrounding Celebrity Memecoins
Celebrity memecoins have sometimes sparked legal drama. In January 2025, Melania Trump’s MELANIA token surged 550% after her announcement, but a Financial Times report suggested insiders bought $2.6 million worth before the launch, earning $100 million. No lawsuits have been confirmed, but the case has raised suspicions of market manipulation.
Similarly, Donald Trump’s TRUMP coin offered top holders a White House dinner, prompting Senator Jon Ossoff to call for impeachment, claiming it was “selling access.” These cases illustrate the regulatory challenges within the crypto sector, where issues of jurisdiction and accountability continue to raise significant concerns.
The dismissal is a temporary win for Jenner, but the door remains open for a revised lawsuit. With Greenfield’s team vowing to “amend and press forward,” the Olympic gold medalist’s legal battles may not be over. As the May 23 deadline looms, whether Jenner can dodge further legal heat or if her memecoin misstep will haunt her again remains to be seen.
