[Flash News] UK High Court Rules Tether (USDT) Is Property
Golden Finance reports that the British High Court has ruled that Tether (USDT) is property, the first ruling in British law on the treatment and status of cryptocurrencies after a full trial. The day before, the British government passed a bill aimed at clarifying that cryptocurrencies are "personal property" under property law.
The legal status of Tether (USDT) is a preliminary issue in a fraud case involving a victim whose stolen cryptocurrencies, including Tether, were resold through various crypto exchanges after passing through a crypto obfuscator.
High Court Associate Justice Richard Farnhill said in a September 12 ruling that USDT enjoys property rights under English law. The judge added that USDT is a "rather unique form of property that is not premised on underlying legal rights" and can be "the subject of tracking and can constitute trust property like other property," noting that from the same court Judging from the 2019 judgment that has not yet gone to trial, there is a "strong authority" that cryptocurrency is property, which is also consistent with the law of England and Wales.
