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13 September

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.

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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.

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