The Great Dismissal: Caitlyn Jenner's Memecoin Lawsuit Squelched—For Now
Caitlyn Jenner's Meme Coin Lawsuit Dismissed Due to Insufficient U.S. Jurisdiction
In a nutshell
- A California federal judge booted out a lawsuit against Caitlyn Jenner and her biz partner Sophia Hutchins, claiming the Chelsea investor ain't got enough proof to make the Yank courts his bff.
- Lead plaintiff Lee Greenfield alleged losing over $40K on Jenner's memecoin after owning it between May and July 2024.
- Greenfield's lawsuit put forth nine arguments against Jenner and Hutchins, including violations of federal securities, fraud, contract disputes, and state securities laws.
- Greenfield accused Jenner of creating two JENNER tokens—one on Solana and another on Ethereum—causing the former to lose value, plus collectin' a 3% fee on all Ethereum transactions.
- However, Greenfield's complaint was lacking in detail about his own flipping transactions, leavin' the judge confused and the lawsuit in limbo.
Scene in the Scene
In the realm of Decrypt's Scene, a U.S. federal judge declared open season on Caitlyn Jenner and Sophia Hutchins. What's that mean? The judge decided to kick out a class action lawsuit against the duo, claimin' the Chelsea investor Greenfield couldn't use Yank courts to collect his losses.
The lawsuit's main argument? Jenner and Hutchins slipped up big time, breaking federal securities laws and dodgin' California state laws—all while exploitin' unsuspectin' investors, a'course.
Greenfield claimed to have lost over $40K by dumpin' Jenner's memecoin after holdin' it for a few months. But here's the kicker: the judge ain't buyin' it! See, Greenfield didn't provide any evidence that his trades took place within Yank territory, so the court comically pointed the finger and said, "sorry, pal, we can't help ya."
The lawsuit packed nine legal arguments against Jenner and Hutchins. Seven pointed the finger squarely at Jenner, accusin' her of federal securities violations, fraud, and contract disputes. The other two targeted Hutchins, accusin' her of being a control-freak and makin' misrepresentations, tryin' to pass the buck, naturally.
Greenfield also insinuated that Jenner launched not one, but two JENNER tokens. One on Solana and the other on Ethereum, losin' the former's value in the process. And just when investors thought they could trust Jenner, she launched another token named after her and Hutchins's dogs ($BBARK), makin' investors question her commitment to her own digitizin' coins.
Greenfield's lawsuit also revealed that Jenner profited from the unfortunate situation, collectin' a 3% fee on all transactions from the Ethereum version of the memecoin. But for all Greenfield's chatter, the court just wasn't convinced that his transactions happened within the Yank homeland.
The judge dismissed the lawsuit, giving Greenfield until May 23 to file a new complaint with proper evidence that his investments qualify for Yank legal protection. Jenner and Hutchins were given until June 6 to respond to any amended filing.
Tried to reach out to Jenner for a comment, but no luck—they ain't responded yet. Greenfield's got no public email, so we couldn't contact him, either.
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Footnotes:
- Law360
- The Hollywood Reporter
- CNBC
- Bloomberg Law
- Reuters
- The lawsuit against Caitlyn Jenner and Sophia Hutchins, over their alleged involvement in a memecoin, was dismissed by a U.S. federal judge.
- The judge found that the lead plaintiff, Lee Greenfield, failed to provide sufficient evidence that his trades were made within U.S. territory.
- Greenfield's lawsuit claimed that Jenner and Hutchins violated federal securities laws, committed fraud, and made misrepresentations, among other offenses.
- Jenner was accused of launching two JENNER tokens, one on Solana and another on Ethereum, and of collecting a 3% fee on Ethereum transactions from the memecoin.
