A recent ruling by the English High Court grants property rights to the USDT stablecoin, setting a precedent for the legal treatment of cryptocurrencies in the country.
On September 12, the English High Court ruled that the Tether stablecoin can be considered a legal asset in all respects. This decision comes as the British government is working to introduce new legislation that would officially recognize Bitcoin and other digital assets as personal property.
During the hearing, Judge Richard Farnhill stated that USDT has the same property rights as other assets under English law. This means it can be tracked and managed like any other property.
The ruling is the result of a case brought to court by plaintiff Fabrizio D’Aloia, who claims to have been a victim of a cryptocurrency scam. D’Aloia alleges he lost about £2.5 million in USDT and USDC.
According to D’Aloia, the scammers transferred the money through various wallets before converting it into fiat currency using exchanges like Gate and Bitkub. However, the judge ruled that D’Aloia cannot sue Bitkub because the company did not receive the funds directly from him.
