Federal Judge Dismisses Jenner Memecoin Lawsuit, Citing Lack of U.S. Jurisdiction

A United States federal judge dismissed a lawsuit against the individuals behind the Jenner memecoin, saying the court has no power to deal with the case. British investor Lee Greenfield led the lawsuit after claiming to lose over $40,000. The investor alleged that Jenner misled investors by promoting and managing tokens bearing her name.

What Happened?

In May 2024, the American media personality Caitlyn Jenner posted a tweet promoting a cryptocurrency. Dubbed JENNER, this token was debuted on the Solana blockchain via Pump.fun. The tweet made it seem like she was involved in the project. Many of her followers quickly bought the token, expecting it to grow in value. However, the token rapidly shed most of its market value hours after its debut.

Investors who lost money believe the token was part of a pump-and-dump scheme, a common scam in crypto in which a coin is hyped up to raise its price. Afterwards, insiders quickly sell it off for profit, leaving everyone else with losses.

The buyers filed a lawsuit claiming that Jenner and the developers misled them. Although the former Olympic decathlete promoted the coin, her role in creating or managing it remains unclear.

Why the Judge Dismissed the Case

The judge who dismissed the case said that since there was no clear proof that the tokens were bought in the U.S. The court couldn’t assume Jenner broke U.S. securities laws. Even though the coin was promoted on social media, that alone doesn’t give the court enough reason to take the case.

The judge also noted that the buyers had already tried to bring the lawsuit once before and failed. Their second attempt didn’t meet the court’s standards either, leading to the dismissal of the case for now. However, the judge gave Greenfield until May 23 to try again with more substantial proof that U.S. laws apply to his token purchases.

The Jenner memecoin controversy isn’t the only celebrity crypto drama making headlines. TV personality and model Amber Rose faced similar allegations days after publicizing her Solana-based token, MUVA.

Fans say she misled them by claiming she wanted to build a strong community, only to walk away with over $350,000. Many are comparing this to the Jenner memecoin, which also dropped in value after launch. These actions are adding to growing concerns about celebrities using memecoins for quick profit, while investors are left with losses.

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