A UK High Court has issued a landmark ruling declaring the stablecoin Tether as property, marking the first time English law has addressed the status of the cryptocurrency after a full trial.
This decision came in a case involving a fraud victim who had stolen cryptocurrencies, including Tether, laundered through various exchanges and mixers.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
Associate Judge Richard Farnhill stated Tether is subject to property rights under English law and is considered a distinct form of property that can be traced and treated as fiat property.
The judge's ruling is consistent with previous cases and a 2023 England and Wales Law Commission report, which recognized cryptocurrencies as property.
This judgment has important implications for the treatment of cryptocurrencies in English law.