• 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

Crypto Analyst Predicts XRP Price Could Rally 680% Against Bitcoin

chest

Crypto analyst Javon Marks predicts XRP price could rally 680% against Bitcoin, potentially reaching $10 and $15.

user avatarArif Mukhtar

European Central Bank Raises Concerns Over Stablecoins

chest

The European Central Bank raises concerns over the increasing adoption of stablecoins, warning that their wider use could threaten traditional banking systems in Europe.

user avatarMaria Gutierrez

Ray Dalio Questions Bitcoin's Safe-Haven Status

chest

Billionaire hedge fund founder Ray Dalio expresses skepticism about Bitcoin's ability to serve as a safe-haven asset compared to gold.

user avatarDavid Robinson

Paraguay's ANDE Partners with Morphware to Explore Bitcoin Mining

chest

Paraguay's state power utility ANDE has partnered with Morphware to explore Bitcoin mining as part of the country's energy strategy.

user avatarAndrew Smith

New Editorial Standards Aim to Enhance Reporting Quality.

chest

A new editorial policy has been established to ensure accuracy, relevance, and impartiality in reporting.

user avatarJacob Williams

Solana's Open Interest and Funding Rate Plummet

chest

Solana's open interest has dropped below 5 billion, and the weighted funding rate has reached its lowest point in over a year, indicating a bearish market sentiment.

user avatarZainab Kamara

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.