According to TechFlow, on September 13, Cointelegraph reported that the UK High Court made a landmark ruling in a case involving cryptocurrency fraud, recognizing the stablecoin USDT as property. Richard Farnhill, deputy judge of the High Court, said: "USDT enjoys property rights under British law" and emphasized that it can be tracked as trust property.
This is the first time that British law has made a clear determination on the legal status of cryptocurrencies after a full trial. The ruling is consistent with the position of the Law Commission of England and Wales' 2023 Digital Assets Report, further establishing the legal status of cryptocurrencies as property. This ruling coincides with the UK government's proposal to formally define crypto assets such as NFTs and RWAs as new types of property. Earlier news, the UK government submitted a bill to Parliament on September 11 to formally define crypto assets (including NFTs and RWAs) as property.
