Regulation
TFL Announces Bankruptcy Claims Deadline, Bullish For LUNC & USTC?
Terraform Labs, the firm behind Terra Classic (LUNC), has made a significant announcement regarding their Chapter 11 bankruptcy cases. The General Bar Date for filing claims has been set for August 9, 2024, at 5:00 p.m. ET. This deadline is crucial for creditors who have claims against TFL that arose before January 21, 2024, or against TLL that arose before July 1, 2024.
Further Details On Terra Bankruptcy Claims Deadline
Terraform Labs Pte. Ltd. and Terraform Labs Ltd. filed their voluntary cases under Chapter 11 on January 21, 2024, and July 1, 2024, respectively. Hence, the court’s order, issued on July 9, 2024, establishes the deadlines and procedures for filing claims. The bar dates set by the court include several key deadlines for Terra bankruptcy claims:
- August 9, 2024, at 5:00 p.m. ET: General Bar Date for all non-governmental claims.
- August 9, 2024, at 5:00 p.m. ET: Governmental Bar Date for claims against TFL.
- December 30, 2024, at 5:00 p.m. ET: Governmental Bar Date for claims against TLL.
- Amended Schedules Bar Date: 30 days from the date of an amendment or supplement to the Debtors’ schedules
- Rejection Damages Bar Date: 30 days following an order authorizing rejection of any executory contract or unexpired lease.
Moreover, Terra’s creditors are urged to file their proofs of claim using the appropriate forms and guidelines. These claims must be written in English, denominated in U.S. dollars as of the applicable petition date, and include specific details and supporting documentation.
The procedures for filing claims are outlined clearly: “Proofs of Claim must substantially conform to the Proof of Claim Form or the Official Form.” In addition, they must be submitted either electronically via the Epiq website or by mail to Epiq Corporate Restructuring, LLC.
The failure to timely file a proof of claim by the applicable Bar Date could result in significant consequences. According to Terra’s notice, if the claim holder fails to file proof of claims they “shall not be treated as a creditor with respect to such claim for the purposes of voting and distribution in the Chapter 11 Cases on account of such claim.”
Potential Impact On LUNC & USDT
This announcement has stirred various reactions within the crypto community. It particularly concerns those invested in Terra’s digital assets, LUNC and Terra USDT (USTC). Some see this as a pivotal moment that could potentially impact the future valuation and stability of these assets.
The recent announcement by Terra sets the stage for a bullish momentum for LUNC and USTC as it restores the network’s lost credibility. Moreover, Terra Luna Classic price neared the $0.000080 mark today. At press time, LUNC price surged 3.11% to $0.00007948 on Tuesday, July 16.
Also Read: SEC Explains Why Terra Luna Classic, MATIC & 3 Other Crypto Are Securities
Excluded Crypto Claims
One of the key aspects highlighted in the notice is the “Excluded Crypto Claims” exempt from the General Bar Date. This broad exclusion includes “any claim arising from or relating to the purchase, sale, or rescission of the purchase or sale, of digital assets issued, created, generated, minted, promoted by or otherwise associated with the Debtors and their affiliates, the Terra Ecosystem, or any decentralized or centralized application or protocol on the Terra Luna Classic and Terra Luna blockchains.”
The clear delineation of crypto-related claims and their separate handling underscores the complexities involved in the bankruptcy proceedings of blockchain companies. Moreover, it also highlights the unique nature of digital assets and the specific legal considerations they entail.
For those holding Excluded Crypto Claims, the notice advises vigilance and awareness of upcoming deadlines. In a post on X, Terraform Labs mentioned, “Please note that if you believe you have an Excluded Crypto Claim (as defined in the bar date notice linked below), the General Bar Date does not apply to your Excluded Crypto Claim, for which a later bar date will be established.”
Also Read: Tether Appoints New Exec To Lead Economic Analysis For Regulatory Strategy
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.
The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.
Kraken Completes PRU Process In Canada
Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.
According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.
Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.
Kraken Introduces New Canadian GM
Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.
In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.
Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”
The Exchange’s Continued Growth In Canada
Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.
According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.
According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.
Vignesh
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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