The High Court of Justice for England and Wales stated that Tether's USDT stablecoin can be classified as property, which adds legal clarity to cryptocurrencies.
Richard Farnhill noted, 'USDT attracts property rights under English law,' allowing it to be traced and treated as trust property, similar to traditional assets.
The U.K. government's proposed legislation aims to redefine cryptocurrencies, highlighting their legal status as property while distinguishing them from physical possessions or traditional assets.
In a scam case involving USDT, the court ruled against the claimant, emphasizing that Bitkub, one of the defendants, did not receive any funds from him.
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