Tether's USDT Stablecoin Ruled as Property by England's High Court
- England's High Court of Justice ruled that Tether's USDT stablecoin is considered property under English law.
- The ruling coincides with the government's proposal to classify cryptocurrencies as property.
- The case was brought by a victim of a cryptocurrency scam and involved Bitkub and Binance.
- The government introduced a bill to treat crypto as property, which aligns with the court's ruling.
- The judge ruled in favor of Bitkub and dismissed the claim against Aux Cayes Fintech.
- Donald Trump announced the launch of his family's cryptocurrency project, World Liberty Financial, on September 16.
- The project aims to embrace cryptocurrencies and move away from traditional banking.
- World Liberty Financial is led by Eric Trump, Donald Trump Jr., and Barron Trump. -
- The project's whitepaper reveals plans for a credit account system built on Aave and Ethereum.
- Circle Internet Financial integrated layer-2 scaling chain Arbitrum into its Web3 infrastructure platform.
- The integration aims to accelerate USDC adoption and compete with Tether's USDT.
- Circle's Web3 tooling is also integrated with other blockchain networks. - Arbitrum is a key platform for decentralized finance (DeFi) and tokenized real-world assets.
- Ondo Finance and Franklin Templeton have expanded their offerings to Arbitrum.
Summary :
England's High Court of Justice has ruled that Tether's USDT stablecoin is considered property under English law. This comes as the government is proposing a new classification of property that would specifically cover cryptocurrencies. The ruling states that USDT can be subject to tracing and can constitute trust property. The case was brought by a victim of a cryptocurrency scam and involves Bitkub and Binance as defendants. The case against Binance has been settled. The ruling aligns with a new bill introduced by the government, which asserts that crypto is property. However, the judge concluded that the victim has no claim against Bitkub. In other news, Donald Trump announced that his family's cryptocurrency project, World Liberty Financial, will launch on September 16. The project aims to embrace cryptocurrencies and move away from traditional banking. The project is led by Trump's sons and includes a credit account system built on the Ethereum blockchain. Additionally, Circle Internet Financial has integrated layer-2 scaling chain Arbitrum into its Web3 infrastructure platform. This integration aims to accelerate the adoption of Circle's stablecoin, USDC, as it competes with Tether's USDT. Arbitrum is a key platform for decentralized finance (DeFi) and has gained traction in tokenized real-world assets.
Sources :
- Coindesk
- Coindesk
- CoinTelegraph
