Russian Limits Retail Crypto to Bitcoin, Ether and Tether

These developments follow years of resistance to crypto by the Bank of Russia. The central bank called for a ban on crypto in 2022—covering trading, mining and usage—arguing the tokens were a danger to Russia’s financial stability and monetary policy.

Russia’s Finance Ministry pushed a bill that went against the bank, blocking crypto payments while keeping the room for licensed trading. When Russia invaded Ukraine in 2022, President Vladimir Putin signed a law strengthening the crypto payments ban.

In other crypto regulation news, the chances of the U.S.’s Clarity Act began to fade this week when the Senate departed Washington for a five-week recess without voting on the digital asset legislation.

Senate Majority Leader John Thune pushed a procedural vote that could help the Clarity Act move to the Senate floor when lawmakers return in September. This cloture vote is set for Sept. 15 and will signal whether the bill has a future, according to a Reuters report.

That same report added that many analysts and lobbyists are skeptical about the Clarity Act’s prospects. That’s because the bill still faces pushback from key Democrats, the Senate has many other items on its agenda, and Senate sessions are likely to be reduced because of the midterm elections in November.