UK High Court rules USDT is property in first post-trial crypto case

Odaily Odaily News: The UK High Court ruled that the stablecoin Tether (USDT) is property. This is the first time that British law has ruled on the status of cryptocurrency after a full trial. The legal status of Tether was a preliminary issue in a case brought by a fraud victim whose stolen cryptocurrencies included USDT. Richard Farnhill, deputy judge of the High Court, said in his ruling on September 12: "Under English law, USDT attracts property rights." The judge added that USDT is "a fairly 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." He pointed out that "strong authority" shows that cryptocurrency is property in the same court ruling in 2019, and the judgment was not made in the trial. This is also consistent with the position of the Law Commission of England and Wales in its 2023 digital asset report that it is marked as property. (Cointelegraph)