UK Supreme Court Recognizes Tether (USDT) as Property

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

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.