The High Court of England and Wales ruled that Tether (USDT) is property, marking the first comprehensive ruling on the treatment and status of cryptocurrencies under English law. The day before, the UK government passed a bill aimed at clarifying that cryptocurrencies are "personal property" under property law. The legal status of Tether (USDT) was an initial issue in a fraud case brought by a victim who had their stolen cryptocurrencies, including Tether, sold through various exchanges using encryption mixers. Deputy Judge Richard Fancher of the High Court said in his ruling on September 12 that USDT enjoys property rights under English law. The judge added that USDT is a "quite unique form of property, not founded on traditional legal rights", can be "traced and can constitute trust property like any other property", and that there is a "powerful body of authority" that cryptocurrencies are property, consistent with the laws of England and Wales.