đUK court rules Tether is personal property
đŹThis comes a day after a UK government bill sought to clarify that cryptocurrencies are personal property under property law.
A UK High Court has ruled that the stablecoin Tether is personal property, marking the first decision in English law on the treatment and status of cryptocurrencies following a full trial.
The legal status of Tether USDT was a preliminary issue in a case brought by a fraud victim, whose stolen crypto, including Tether, was liquidated through several cryptocurrency exchanges after being processed by cryptocurrency mixers.
âUSDT attracts personal property rights under English law,â Deputy High Court Judge Richard Farnhill said in the Sept. 12 ruling.
The judge added that USDT was ârather a distinct form of property not based on an underlying legal rightâ and can be âtraceable and constitute a fiduciary asset in the same way as other property.â
It highlighted a âstrong line of authorityâ that cryptocurrencies are personal property, following on from a 2019 ruling in the same court that was not decided in a trial. It was also consistent with the position of the Law Commission of England and Wales in its 2023 report on digital assets, classifying them as personal property.
The decision comes a day after a UK government bill clarified that non-fungible tokens (NFTs), cryptocurrencies and carbon credits are âthingsâ and personal property under property laws.
