An English high court made history by becoming the first court in the UK to classify a cryptocurrency as a property at full trial.
Crypto’s status as a property has been confirmed in a recent ruling in the English High Court. On Thursday, the presiding judge, Richard Farnhill, ruled that Tether’s stablecoin USDT could be classified as a property in a fraud case.
Judge Farnhill stated that USDT attracted property rights under English law because it possesses certain property characteristics, which include traceability and usage as a trust property. It is worth noting that this was the first-ever ruling in the United Kingdom in which cryptocurrencies were classified as property at full trial.