Caitlyn Jenner Memecoin Not a Security, Court Says in Dismissal

A memecoin holder can’t proceed with proposed class claims that Caitlyn Jenner unlawfully sold unregistered securities because the celebrity former athlete’s $JENNER cryptocurrency isn’t a security, a federal court ruled.

Without those tossed federal securities claims, lead investor Lee Greenfield can’t keep his California state law claims in federal court, Judge Stanley Blumenfeld Jr. said Thursday for the US District Court for the Northern District of California. But can re-file them in state court if he chooses, the judge said.

The decision is the latest applying a 1946 US Supreme Court framework for securities to digital assets. Blumenfeld took note ...