English High Court Recognizes USDT as Property in Landmark Ruling
CryptoNewsTerminal Staff12 Sep, 2024
English High Court Recognizes USDT as Property in Landmark Ruling
The English High Court has ruled that Tether's USDT stablecoin is a property under English law. This landmark ruling was made in a case brought by victims of fraud who had their USDT and other crypto assets stolen. In the judgment, the judge stated that "USDT is subject to property rights under English law. USDT is traceable and can be held on trust." This ruling provides clarity for the legal status of USDT and other crypto assets in England and Wales. It also strengthens the position of victims of crypto fraud, who can now seek legal recourse to recover their stolen assets. The ruling is a significant step forward for the crypto industry, as it provides a clear legal framework for the treatment of crypto assets in England and Wales. This will help to boost investor confidence and encourage the adoption of cryptocurrencies.
