• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

UK Supreme Court Recognizes Tether (USDT) as Property

user avatar

by Giorgi Kostiuk

a year ago

  1. Case Context
  2. Court's Ruling
  3. Implications and Consequences


    4. The UK Supreme Court has taken a significant step in the legal regulation of cryptocurrencies by making a landmark decision regarding Tether (USDT).

    Case Context

    The case involved a lawsuit filed by Fabrizio D'Aloia, who claimed to be the victim of a cryptocurrency scam. He alleged that 2.5 million pounds ($3.3 million) worth of Tether (USDT) was stolen, laundered through various exchanges and mixers, and sent to a specific wallet on the Thai exchange BitKub.

    Court's Ruling

    The UK High Court ruled that Tether (USDT) is property under British law. "USDT has property rights under English law," said Judge Richard Farnhill in his ruling. The judge also added that USDT is traceable and can constitute trust property like any other property.

    "USDT has property rights under English law,"Richard Farnhill

    Implications and Consequences

    Despite acknowledging the fraud, the court stated that there was insufficient evidence to establish that the stolen funds were sent to a specific wallet on the BitKub exchange due to the use of mixers. This decision will have significant implications for the future legal regulation of cryptocurrencies in the UK.

    The recognition of Tether (USDT) as property by a UK court opens new horizons for the legal regulation of cryptocurrencies in the country. This decision will greatly influence future legal proceedings and the legal recognition of crypto-assets.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

GWEI Token Introduces Innovative Governance Mechanics for ETHGas

chest

The GWEI token features a governance model that combines staking duration with voting rights, promoting active participation.

user avatarTando Nkube

ETHGas GWEI Token Launch Aligns with Regulatory Trends in Digital Assets

chest

The launch of the GWEI token occurs during a period of increasing regulatory clarity for digital assets, emphasizing utility through governance rights and potentially aligning with evolving regulatory frameworks.

user avatarNguyen Van Long

ETHGas Launches GWEI Token to Transform Governance in Ethereum Block Trading

chest

ETHGas has launched its native GWEI token, introducing a new governance model that ties voting rights to staking commitments.

user avatarKofi Adjeman

BNY Mellon Launches Tokenized Deposits for Institutional Clients.

chest

The Bank of New York Mellon has announced the offering of tokenized deposits, marking a significant step in the integration of traditional finance with the crypto market. This move is expected to enhance institutional investment in cryptocurrencies.

user avatarAyman Ben Youssef

Bill Morgan Explains Ripple's Strategic Silence on XRP

chest

Bill Morgan explains Ripple's strategic silence on XRP as a legal defense against regulatory scrutiny.

user avatarSatoshi Nakamura

APEMARS Offers Unique Investment Opportunity

chest

APEMARS offers a transparent presale model and community-driven growth strategies, integrating token burns and referral incentives to promote organic growth.

user avatarJesper Sørensen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.