Key Takeaways

• California federal court dismissed securities fraud lawsuit targeting Caitlyn Jenner’s JENNER memecoin
• Token failed to satisfy Howey Test criteria required for security classification
• British investor Lee Greenfield reported losses exceeding $40,000 from token purchases
• Court determined absence of “common enterprise” among token purchasers
• Non-federal claims under California law transferred to state court jurisdiction

A federal court has delivered a legal victory to Caitlyn Jenner by dismissing a class-action lawsuit alleging her JENNER memecoin constituted an unregistered security.

A federal judge ruled Caitlyn Jenner’s $JENNER memecoin is not a security, dismissing a class action lawsuit from a buyer who lost $40K.

The court found the token failed the Howey Test’s “common enterprise” requirement. pic.twitter.com/UGQUs2YYzo

— Token Metrics (@tokenmetricsinc) April 17, 2026

The decision came Thursday from California federal judge Stanley Blumenfeld Jr., who determined the plaintiffs failed to demonstrate that the JENNER token satisfied the legal criteria for a security.

At the heart of the case was the Howey Test, a legal framework established by a 1946 Supreme Court decision. This test requires an investment contract to include capital invested in a collective venture with profit expectations derived from the efforts of others.

Judge Blumenfeld concluded that the token failed to satisfy two of the three Howey Test components. Specifically, he found insufficient evidence establishing a “common enterprise” linking JENNER token purchasers.

The primary plaintiff, Lee Greenfield from the United Kingdom, claimed losses surpassing $40,000 from purchasing the token across both Solana and Ethereum networks during May 2024.

Greenfield’s legal team contended that Jenner exploited her fame to promote the token. The filing cited an X platform post featuring an AI-created image depicting Jenner wearing a “JENNER ETH” shirt, used to market the cryptocurrency to potential buyers.

The initial legal action was brought in November 2024 against both Jenner and her manager Sophia Hutchins. Hutchins passed away in July 2025.

The revised complaint claimed investors had collectively pooled their resources based on Jenner’s promise that a 3% transaction fee would finance token repurchases, promotional activities, political donations to Donald Trump’s campaign, and fractional ownership shares in her Olympic gold medal.

Court Rejects Common Enterprise Claim

Judge Blumenfeld dismissed the pooling theory presented by plaintiffs. His ruling stated the allegations failed to establish that investors had agreed to share profits and losses or combine resources beyond the simple act of purchasing the cryptocurrency.

The Olympic medal ownership initiative was revealed in August 2024, occurring after Greenfield had already completed his token purchases, and ultimately never materialized.

The court further determined that Jenner’s promotional efforts alone were insufficient to constitute a common enterprise under securities law.

JENNER Token History

The JENNER token debuted on the Solana blockchain in May 2024 via the Pump.fun platform. Controversy erupted immediately when Jenner and other celebrity endorsers alleged they had been defrauded by a partner identified as Sahil Arora.

Jenner subsequently relaunched the token on the Ethereum network. Investors asserted this migration negatively impacted the original Solana version’s market value.

The cryptocurrency reached its peak market capitalization of approximately $7.5 million in June 2024. Since then, its value has collapsed, losing virtually all market worth.

Case Outcome and Future Proceedings

The court rejected the plaintiff’s motion to file a third amended version of their complaint. Claims based on California state law regarding contract violations and fraud were transferred to state court for potential further proceedings.

Key Highlights

• Shares of Boeing advanced more than 2% Friday following announcements that CH-47 Chinook helicopters will receive drone swarm deployment capabilities.
• A contract worth approximately $324M from the U.S. Army for Chinook helicopters strengthened Boeing’s defense order book.
• Millennium Space Systems and Boeing introduced a mid-class satellite platform with plans for approximately 26 units in 2026.
• Oak Harvest Investment Services expanded its Boeing position by 44.5% during Q4, bringing holdings to 28,933 shares valued at approximately $6.28M.
• Analysts maintain a “Moderate Buy” rating on BA stock with a consensus price target of $252.48.

Friday proved eventful for Boeing as shares gained more than 2% following several significant announcements across its defense and aerospace divisions.

The Boeing Company, BA

The primary catalyst came from revelations that the CH-47 Chinook helicopter platform will receive substantial capability enhancements. Boeing is integrating what it describes as “launched effects” technology into the Chinook fleet — an umbrella term encompassing drones, electronic decoys, and loitering munitions. These capabilities can be deployed from both piloted and autonomous aircraft platforms.

The Chinook platform has maintained operational relevance for over 60 years and continues generating new orders. This technological enhancement aims to extend its strategic value. Reports indicate the U.S. Army has expressed substantial interest in these enhanced vertical-launch capabilities.

That interest translates into tangible financial commitments. The Army recently granted Boeing a contract valued at approximately $324 million for Chinook helicopters, bolstering the company’s defense sector pipeline. However, the program faces some uncertainty — congressional members have questioned the CH-47F Block II program’s trajectory, prompting Boeing to advocate for firmer Army commitments.

New Satellite Platform Unveiled

In aerospace developments, Boeing partnered with its Millennium Space Systems division to reveal a mid-class satellite platform designed for the “micro GEO” segment. The platform serves both defense and commercial markets, combining Boeing’s payload technology with Millennium’s accelerated manufacturing capabilities.

The initiative targets delivery of approximately 26 satellites throughout 2026. Boeing has been aggressively pursuing this market segment, and Millennium’s rapid production methodology provides competitive advantages as communications satellite demand accelerates.

Boeing’s most recent quarterly results exceeded market expectations considerably. The aerospace giant reported Q4 earnings per share of $9.92, substantially surpassing the consensus forecast of -$0.40. Quarterly revenue reached $23.95 billion — representing 57.1% year-over-year growth and exceeding the $22.41 billion analyst projection.

Despite the exceptional quarterly performance, Wall Street forecasts remain cautious with a projected -$2.58 EPS for the full fiscal year, creating a complex earnings outlook as the company approaches its April 22 Q1 earnings release.

On the manufacturing front, Boeing continues ramping workforce additions, hiring between 100 and 140 factory employees weekly to accelerate 737 MAX production and populate a newly established assembly line.

Institutional Activity Intensifies

Institutional stakeholders control 64.82% of Boeing’s outstanding shares. Oak Harvest Investment Services increased its position by 44.5% in the fourth quarter, elevating holdings to 28,933 shares with an approximate value of $6.28 million. Multiple additional institutional investors similarly expanded their Boeing allocations during Q3.

This institutional accumulation coincides with some insider divestment. Executive Vice President Howard McKenzie divested 10,497 shares in February at $233.99 each, while Senior Vice President Ann Schmidt sold 6,281 shares at $243.37. Collectively, company insiders have sold 21,012 shares totaling approximately $4.98 million over the past 90 days.

Boeing commenced Friday trading at $223.17. The stock’s 52-week trading range extends from $156.47 to $254.35. The 50-day moving average currently stands at $219.27.

Wall Street price targets span from the $252.48 consensus to $290.00 from Tigress Financial, which maintains a Buy rating. Susquehanna established a $280 target with a “positive” outlook, while Royal Bank of Canada elevated its target to $275 with an “outperform” designation.

Additionally, El Al expanded its 787 Dreamliner order by six aircraft this week, contributing incremental demand to Boeing’s widebody production backlog.

Key Highlights

• Russia’s dominant financial institution, Sberbank, has completed technical preparations to launch digital asset custody and trading platforms for its massive customer base of 110 million users, awaiting only regulatory clearance.
• Retail investors without qualified status will face annual purchase restrictions of approximately $4,000 in cryptocurrency transactions under proposed legislation.
• Privacy-oriented digital currencies including Monero, Zcash, and Dash face complete prohibition within the upcoming regulatory structure.
• The financial institution has already ventured into crypto-collateralized lending, providing a loan to mining operation Intelion last December with plans for program expansion.
• Russian authorities target June for finalizing comprehensive cryptocurrency regulations, with enforcement scheduled to begin July 1, 2027.

The dominant player in Russia’s banking sector is positioning itself to make a significant entrance into the digital asset industry, awaiting only regulatory authorization to begin providing cryptocurrency trading and custody solutions to its client base.

Russia’s Largest Bank Sberbank Prepares for Crypto Trading Rollout

According to TASS, Sberbank is ready to offer cryptocurrency trading services once regulation and organized exchange trading are introduced, Senior Vice President Ruslan Vesterovsky said at a Moscow Exchange… pic.twitter.com/CJxKym0lBx

— Wu Blockchain (@WuBlockchain) April 19, 2026

With a customer base exceeding 110 million retail clients, Sberbank operates under majority state ownership. According to bank officials, the necessary technological framework has been established and is operational. The institution stands ready to deploy margin trading capabilities, artificial intelligence-driven investment tools, and robust custody solutions immediately upon regulatory confirmation.

The announcement came from Senior Vice President Ruslan Vesterovsky during the Moscow Exchange forum. Vesterovsky stated that the bank anticipates organized exchange trading will deliver enhanced liquidity and competitive pricing to the marketplace. He emphasized the institution’s readiness to act swiftly once structured trading regulations receive approval.

While Russia’s Central Bank continues to designate cryptocurrencies as elevated-risk instruments, it has authorized restricted deployment of digital assets within certain financial operations. Sberbank’s current cryptocurrency initiatives demonstrate the institution is already functioning within the boundaries of existing permissions.

Last December, Sberbank extended one of Russia’s inaugural crypto-collateralized loans to Intelion, a cryptocurrency mining enterprise. Intelion operates over 300 megawatts of electrical capacity and maintains approximately 1,500 client relationships. Subsequently, Sberbank revealed intentions to extend comparable financing arrangements to additional corporations.

Framework Details for Cryptocurrency Trading

Russian legislative bodies are advancing toward completing a comprehensive digital asset regulatory structure by June. Should the timeline proceed as planned, implementation would commence on July 1, 2027.

The proposed framework would permit both certified and non-certified investors to participate in cryptocurrency purchases and sales. Non-certified investors would encounter annual acquisition caps of approximately 300,000 rubles, equivalent to roughly $3,934. Additionally, these investors must successfully complete a competency evaluation before gaining trading authorization.

Certified investors would operate without volume constraints, though mandatory risk evaluation procedures would remain required.

The approved asset roster is anticipated to encompass Bitcoin and Ethereum. However, the central banking authority strictly prohibits digital currency usage for domestic commercial transactions within Russian borders.

Prohibited Digital Assets

Anonymity-enhanced cryptocurrencies face total exclusion from both investor classifications. The proposed regulatory framework bans Monero, Zcash, and Dash completely, citing anti-money laundering protocols as justification.

The legislation additionally establishes sanctions for unauthorized intermediary operations within the cryptocurrency sector. These sanctions mirror existing penalties applied to unlicensed banking activities, providing licensed institutions such as Sberbank with enhanced legal clarity.

The regulatory approach establishes a two-tier classification system separating retail and certified investors. This framework design minimizes exposure for general investors while permitting greater latitude for sophisticated market participants.

Sberbank’s cryptocurrency market participation depends directly on the completion of regulatory guidelines drafted in December. The financial institution has already broadened its crypto-backed lending operations and continues developing its platform infrastructure to accommodate additional corporate clients.

Russian cryptocurrency regulation is projected to reach finalization by June, with comprehensive implementation targeted for mid-2027.

Key Takeaways

• Shares of MRVL have climbed 55% since the start of the year and 168% over the trailing twelve months, fueled by AI data center infrastructure demand.
• On March 31, Nvidia made a $2 billion private placement investment in Marvell, establishing a strategic collaboration centered on NVLink Fusion technology.
• The semiconductor company closed two major acquisitions: $540 million for XConn Technologies and $1 billion for Celestial AI to strengthen AI interconnect capabilities.
• Marvell generated $1.5 billion from custom silicon sales in Fiscal 2026, with leadership targeting this segment to comprise at least 25% of total data center revenues.
• Management projects data center networking revenue will exceed $600 million in Fiscal 2027, representing a doubling from the prior fiscal year.

Marvell Technology has delivered exceptional performance throughout 2025 and into 2026. Shares have rallied over 55% year-to-date and posted gains of 168% across the past year. April proved particularly explosive, with MRVL climbing more than 50% during the month alone.

Marvell Technology, Inc., MRVL

Such extraordinary price action stems from a series of tangible business catalysts rather than speculation.

The March 31 announcement that Nvidia would invest $2 billion in Marvell via private placement marked a watershed moment. Alongside the capital infusion, the companies forged a strategic alliance to expand Nvidia’s NVLink Fusion infrastructure and collaborate on semi-customized AI solutions. The partnership solidifies Marvell’s position as a critical design collaborator within Nvidia’s expanding ecosystem.

Wall Street responded enthusiastically. Oppenheimer lifted its price objective for MRVL to $170 post-announcement. Barclays took an even more bullish stance, elevating the stock from Equal Weight to Overweight while raising its target from $105 to $150, highlighting momentum in Marvell’s optical components and port technologies.

Jim Cramer offered his perspective on the stock’s trajectory, describing Marvell as among the data center plays that “was good and then became unbelievable.” He highlighted CEO Matt Murphy’s prescient stock acquisitions around the $70 level and the company’s strategic purchase of optical assets at attractive valuations as catalysts behind the surge.

Custom Silicon Segment Generates Substantial Revenue Growth

Hyperscale cloud providers are pivoting from off-the-shelf GPUs toward application-specific custom silicon optimized for AI inference tasks. Marvell has emerged as a leading beneficiary of this architectural shift.

During Fiscal 2026, which concluded in January 2026, custom silicon operations delivered $1.5 billion in revenue. Company executives have established a target for this division to account for no less than 25% of aggregate data center sales moving forward. Marvell asserts that custom accelerators provide total cost of ownership advantages exceeding 40% compared to traditional GPU solutions, driving rapid customer adoption.

The firm has secured custom accelerator design partnerships with every major cloud infrastructure provider. Internal projections indicate that shipment volumes of custom accelerators will surpass GPU units by 2028.

To accelerate innovation in this domain, Marvell finalized a $1 billion all-cash acquisition of Celestial AI, which specializes in AI interconnect technology development.

Data Center Networking on Track to Double

Marvell’s data center networking operations are experiencing robust expansion. This segment generated over $300 million during Fiscal 2026. Leadership has provided guidance calling for networking revenue to surpass $600 million in Fiscal 2027.

The recently completed $540 million acquisition of XConn Technologies plays a central role in this growth trajectory. Marvell’s Structera S 60260 switching platforms now deliver double the lane density relative to rival offerings.

Demand for the company’s retimer products remains particularly strong. Alaska PCIe retimers from Marvell have become standard components in hyperscale server deployments. Management forecasts that combined revenue from retimers and active electrical cables will double during Fiscal 2027.

Consensus price targets from 27 Wall Street analysts currently average $126.12, suggesting approximately 9.7% downside from present trading levels.

The capital from Nvidia’s investment will support research and development initiatives at the 3nm and 5nm process nodes, where Marvell plans to manufacture its next-generation custom silicon portfolio.

RaveDAO has denied any role in the recent surge and sharp collapse of its RAVE token, as major crypto exchanges open probes into trading activity following allegations of market manipulation.

In a thread posted on X, the project said it was “not engaged in, nor responsible for, recent price action,” responding to mounting scrutiny after RAVE soared from roughly $0.25 to nearly $28 within days before plunging more than 80%.

The denial comes as onchain investigator ZachXBT accused the project of orchestrating a pump-and-dump scheme, pointing to concentrated token holdings and suspicious exchange flows. He claimed that more than 90% of the token supply may be controlled by insiders, calling on exchanges to take action.

Both Binance and Bitget confirmed they are reviewing the situation. “We’re looking into it,” Binance CEO Richard Teng wrote, while Bitget CEO Gracy Chen said the exchange had “started investigating” RAVE trading activity.

Related: Study finds almost no crypto protocols disclose market-maker terms

RaveDAO plans token sales to fund growth

RaveDAO also outlined plans to sell portions of unlocked tokens to fund operations, marketing and hiring. The team said it is exploring “price-triggered or performance-triggered locks” to better align incentives.

“Building a movement requires resources,” the project wrote, adding it aims to do so “sustainably and transparently.”

RaveDAO is a Web3-based entertainment project that combines electronic music events with blockchain technology, aiming to onboard users into crypto through real-world experiences like festivals and parties. It operates as a decentralized community where attendees receive NFTs for participation, while its RAVE token is used for governance, ticketing and access to events.

At the time of writing, RAVE is trading at $1.36, down by 94.95% over the past day, according to data from CoinMarketCap.

Related: Stablecoins behave like FX markets as liquidity splits: Eco CEO

DeFi hacks surge in April

As Cointelegraph reported, more than a dozen DeFi protocols and crypto firms have been hit by exploits in just over two weeks, starting with the massive $280 million Drift Protocol attack on April 1.

Other affected projects include CoW Swap, Hyperbridge, Bybit, Silo Finance, Aethir and Rhea Finance, along with exchanges and liquidity pools across multiple chains. The attacks range from smart contract bugs and oracle manipulation to access control failures and liquidity pool exploits.

Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author