The UK High Court ruled that Tether (USDT) is property, the first ruling on the treatment and status of cryptocurrencies under UK law after a full trial. The ruling comes a day after the UK government passed a bill aimed at making it clear that cryptocurrencies are "personal property" under property law.
The legal status of Tether (USDT) is a preliminary issue in a fraud case in which the plaintiff was a victim of a scam whose stolen cryptocurrencies, including Tether, were resold through various crypto exchanges after passing through crypto obfuscators.
In his decision on September 12, Associate Justice Richard Farnhill of the High Court said that USDT enjoys property rights under English law. The judge added that USDT is a "rather unique form of property that is not subject to underlying legal rights" and can be "the subject of tracing and can constitute trust property like other property", noting that there is a "strong authority" to consider cryptocurrencies to be property, judging from the 2019 judgment of the same court that has not yet been tried, which is also consistent with the law of England and Wales.
The UK High Court has ruled that Tether (USDT) is property
2024-09-13 04:29:22
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