Tether’s Triumph: UK High Court Declares USDT a Legitimate Form of Property
UK High Court Rules Tether (USDT) as Property Under English Law
The UK High Court has made a landmark ruling, declaring Tether (USDT) as property under English law. This decision marks the first time a British court has ruled on the treatment and status of cryptocurrencies after a full trial.
The ruling comes as part of a fraud case involving a victim of a scam who had their cryptocurrencies, including Tether, stolen and resold through various crypto exchanges. The court’s decision has significant implications for the legal status of cryptocurrencies in the UK.
Deputy Judge Richard Farnhill stated that USDT enjoys property rights under English law, describing it as a “rather unique form of property that does not presuppose an underlying legal right.” The judge also noted that USDT can be ”the object of tracing and can constitute trust property like other property.” This ruling is consistent with a 2019 judgment from the same court, which has not yet been tried, and aligns with the law of England and Wales.
This decision follows a recent bill passed by the British government, which aims to clarify that cryptocurrencies belong to “personal property” in property law. The ruling and the bill collectively provide greater clarity on the legal status of cryptocurrencies in the UK.