USDT Declared Property Under English Law

High Court of Justice for England and Wales has ruled that Tether’s USDT stablecoin qualifies as property under English law. This decision comes right after the UK government proposed new laws to classify cryptocurrencies as property.  Judge Richard Farnhill ruled that USDT can be traced and treated like traditional assets. The case, involving a cryptocurrency scam, revealed how scammers allegedly moved millions through USDT and Circle’s USDC. Although the judge ruled in favor of Bitkub, saying they were not involved, this ruling sets a major precedent for how crypto assets are viewed legally.