Not a Security: A federal judge has declined to certify the class action lawsuit sought in the case of Naeem Azad v. Caitlyn Jenner, ruling that the JENNER memecoin does not constitute a security under federal law. The court found no evidence of a "common enterprise," as investor funds were not pooled or used to build a product, key requirements under the Howey Test. Although Jenner engaged in vague marketing efforts, promising to use her token's 3% trade tax to institute a buyback program, investor success was speculative and not directly tied to Jenner's efforts.