The UK High Court has ruled that Tether (USDT) is property, the first ruling under UK law on the treatment and status of cryptocurrencies after a full trial, Golden Finance reported. The day before, the UK government passed a bill aimed at clarifying that cryptocurrencies are "personal property" in property law. The legal status of Tether (USDT) is a preliminary issue in a fraud case in which the plaintiff is a fraud victim whose stolen cryptocurrencies (including Tether) were resold through various crypto exchanges after passing through a crypto mixer. In his ruling on September 12, Richard Farnhill, deputy judge 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 premised on underlying legal rights" and can be "the object of tracking and can constitute trust property like other property", and he pointed out that there is a "strong authority" that cryptocurrencies are property from the same court's judgment in 2019 that has not yet been tried, which is also consistent with the law of England and Wales.

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