UK High Court Rules Tether (USDT) As Property

According to Odaily, the UK High Court has ruled that the stablecoin Tether (USDT) is considered property under British law. This landmark decision marks the first time the legal status of cryptocurrency has been determined following a comprehensive trial in the UK. The ruling emerged from a case involving a fraud victim whose stolen assets included USDT. Deputy Judge Richard Farnhill, in his September 12 decision, stated, 'Under UK law, USDT attracts property rights.' He further described USDT as 'a rather unique form of property that does not depend on underlying legal rights,' making it subject to tracking and capable of constituting trust property like other assets. Judge Farnhill highlighted that 'strong authority' supports the classification of cryptocurrencies as property, referencing a 2019 decision by the same court, which was not made during a trial. This aligns with the stance of the Law Commission of England and Wales, which identified digital assets as property in its 2023 report on digital assets.