Russian President Signs Crypto Law, Core Rules Take Effect in 2026
Russian President Vladimir Putin has signed Russia’s first comprehensive cryptocurrency law, establishing a regulatory framework for crypto exchanges, brokers, custodians, digital asset service providers, and investors. The legislation legalizes regulated cryptocurrency trading while maintaining the country’s ban on using digital assets for domestic payments, with most provisions scheduled to take effect from September 1, 2026. Key Takeaways Russia Introduces Its First Comprehensive Crypto Framework President Vladimir Putin signed the law titled “On Digital Currency and Digital Rights,” creating Russia’s first unified legal framework governing cryptocurrency markets. The legislation regulates cryptocurrency exchanges, brokers, digital depositories, asset managers, organized trading platforms, clearing providers, and other financial intermediaries involved in digital asset services. Most provisions of the law will become effective on September 1, 2026, while additional operational and licensing requirements will be phased in during 2027. The Bank of Russia will oversee the regulated crypto market and publish additional rules covering trading, custody, pricing, market supervision, and approved digital assets. Retail Investors Face Purchase Limits and Suitability Tests The new framework introduces different requirements for retail and qualified investors. Beginning September 2026, non qualified investors will only be permitted to purchase cryptocurrencies approved by regulators as sufficiently liquid. Before investing, retail participants must complete a suitability or knowledge assessment designed to evaluate their understanding of cryptocurrency risks. Annual purchases will also be capped at 300,000 rubles through each licensed intermediary. Qualified investors, however, will be allowed to purchase virtually unlimited amounts of cryptocurrency after satisfying regulatory qualification requirements. The Bank of Russia has not yet published the final list of approved digital assets or the detailed testing requirements. Exchanges and Custodians Must Meet License Requirements The legislation establishes strict licensing and capital requirements for crypto market operators. Crypto exchange providers must register in a special government register, maintain at least 15 million rubles in equity capital, and become members of a recognized financial market self regulatory organization. Digital depositories will also be subject to minimum capital requirements ranging from 50 million to 250 million rubles, depending on the services they provide. Existing providers may continue operating during a transition period lasting until July 1, 2027, after which full compliance with the licensing framework will be required. Domestic Crypto Payments Remain Prohibited Although the law legalizes regulated cryptocurrency investment and trading, it continues Russia’s longstanding prohibition on using cryptocurrencies as payment for goods and services within the country. The legislation also prohibits advertising cryptocurrencies as a domestic payment method. However, investors will be permitted to exchange cryptocurrencies for securities and Russian law digital financial rights through regulated channels. Banks and financial institutions will also be required to block transactions involving unauthorized crypto exchange providers or suspicious digital asset activities. Cross-Border Crypto Settlements Remain Permitted The law preserves an important exception for international commerce. Russian businesses engaged in foreign trade may continue using cryptocurrencies for cross-border settlements with foreign counterparties. Exporters and importers may conduct crypto transactions either through licensed intermediaries or directly using digital wallets without transaction limits, provided they comply with reporting and tax obligations. The legislation does not override international sanctions, meaning foreign exchanges, wallet providers, and financial institutions must continue complying with applicable sanctions imposed by their respective jurisdictions. Additional Regulations Will Continue Through 2027 The Bank of Russia is continuing work on implementing regulations needed to fully operationalize the new framework. Future rules will address organized crypto trading, pricing methodologies, custody standards, digital asset registries, and broader supervisory procedures. Several technical provisions, including certain transfer requirements and rules governing digital depositories, are scheduled to take effect during 2027 as regulators finalize the supporting infrastructure. Conclusion Russia’s new cryptocurrency law establishes the country’s first comprehensive regulatory framework for digital assets by creating licensing requirements for exchanges and custodians, introducing investor protection measures, and defining rules for cryptocurrency trading. While the legislation expands legal access to cryptocurrency investments and supports cross-border digital asset transactions, it maintains the prohibition on using cryptocurrencies for domestic payments. As additional regulations are introduced over the coming year, the framework is expected to become the foundation of Russia’s regulated digital asset market.
Late Ondo Founder’s Mother Seeks Control of Company and Removal of de Bode as CEO
A legal dispute has emerged over the leadership of Ondo Finance following the death of founder Nathan Allman. Kathleen Allman, Nathan’s mother and the court-appointed representative of his estate, has filed a lawsuit in Delaware seeking control of the company, arguing that she holds the authority to reconstitute the board and remove current CEO Ian De Bode. De Bode has rejected the claims, saying the company continues to have the support of its board, investors, and the Ondo Foundation. Key Takeaways Estate Challenges CEO Appointment Kathleen Allman filed a verified complaint in the Delaware Court of Chancery seeking control of Ondo Finance following the death of founder Nathan Allman. According to the complaint, Ian De Bode began acting as chief executive shortly after Nathan Allman’s death without obtaining approval from a legally constituted board of directors. The filing argues that because Nathan Allman occupied one of two board seats while the second seat was vacant, no active board existed after his death to authorize De Bode’s appointment as CEO. The estate therefore contends that De Bode lacked the authority to assume leadership of the company. Estate Claims Authority to Rebuild Board After being appointed personal representative of Nathan Allman’s estate by a Hawaii court in late June, Kathleen Allman says she exercised the estate’s voting rights to appoint herself as Ondo’s sole director. She subsequently expanded the board, appointing additional directors, including Nathan Allman’s sister, Tahnee Towill. One proposed director, Gordon Liao, declined the appointment. The newly formed board later voted to remove De Bode from his positions as CEO, president, officer, employee, and consultant. Kathleen Allman was then appointed chair of the board, chief executive officer, secretary, and treasurer. Complaint Alleges Governance Misconduct The lawsuit also alleges that Ondo refused to provide the estate with the company’s shareholder list and related contact information. Kathleen Allman further claims that De Bode used company resources to pressure her into signing corporate documents that would have supported his leadership position following her son’s death. The complaint asks the Delaware court to recognize the estate’s voting authority and validate the board actions taken after Kathleen Allman’s appointment. De Bode Rejects Allegations Ian De Bode has described the lawsuit as without merit and said the facts will ultimately support the company’s current leadership. He stated that Ondo continues to receive support from its lead investors, the Ondo Foundation, and the broader Ondo ecosystem. According to De Bode, the management team remains committed to carrying forward Nathan Allman’s vision while continuing to serve clients and develop the company’s real world asset tokenization platform. He also described the litigation as being contrary to the interests of the company, its employees, shareholders, and ecosystem. Governance Dispute Places Ondo Under Scrutiny Founded in 2021 by former Goldman Sachs executive Nathan Allman, Ondo Finance has become one of the leading companies focused on tokenizing traditional financial assets, including U.S. Treasuries, stocks, and exchange traded funds. The company is backed by major investors including Founders Fund, Coinbase Ventures, Tiger Global, and Wintermute, while its governance token has grown into one of the largest projects within the real world asset sector. The Delaware court’s decision will determine who has lawful authority to control the company and may influence how other crypto firms approach succession planning and corporate governance following the death of key founders. Conclusion The dispute over Ondo Finance centers on competing claims of corporate authority following founder Nathan Allman’s death. Kathleen Allman argues that the estate’s voting rights allow her to reconstitute the board and replace current leadership, while Ian De Bode maintains that his leadership is legitimate and supported by the company’s key stakeholders. The outcome of the Delaware case is expected to clarify control of Ondo Finance and could establish an important legal precedent for governance and succession within the cryptocurrency industry.
Bernstein Says Clarity Act Failure Could Accelerate SEC, CFTC Crypto Rulemaking
Momentum behind the U.S. Digital Asset Market Clarity Act is weakening as the Senate approaches its August recess, reducing expectations that comprehensive crypto market legislation will pass this year. While Bernstein expects a failed vote to pressure digital asset markets in the short term, the brokerage believes it could also prompt the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to accelerate regulatory rulemaking through Project Crypto. Key Takeaways Senate Faces Shrinking Window for Clarity Act The Senate has only a limited period before its August recess to advance the Clarity Act, legislation widely viewed as the most significant U.S. crypto market structure proposal to date. Originally introduced by Representatives French Hill and Glenn Thompson, the bill aims to establish clear regulatory responsibilities between the SEC and the CFTC while creating a federal framework for digital asset markets. However, expectations for passage have weakened considerably. Galaxy Research recently lowered its estimated probability of the bill becoming law in 2026 to approximately 30%, reflecting growing uncertainty as lawmakers continue negotiating bipartisan support. Bernstein expects short term market pressure In a note to clients, Bernstein analysts led by Gautam Chhugani said failure to pass the legislation would likely trigger a short term decline across cryptocurrency markets. The analysts believe investors would initially interpret the failure as another delay in achieving comprehensive regulatory clarity, potentially weighing on market sentiment and digital asset valuations. Despite that outlook, Bernstein expects the weakness to be temporary rather than signaling a broader reversal in regulatory progress. Project Crypto Could Speed up Agency Rulemaking Rather than slowing regulatory development, Bernstein believes legislative failure could encourage the SEC and CFTC to move more aggressively under their joint Project Crypto initiative. According to the analysts, regulators could issue additional interpretative guidance covering token classification, decentralized finance, and self custody while also accelerating an innovation exemption that would temporarily exempt certain token issuances from securities regulations. Bernstein argues that agency rulemaking could provide meaningful regulatory clarity even without new legislation, although such rules would be easier for future administrations to modify than statutory law. Tokenization Initiatives Expected to Continue The brokerage also expects regulators to maintain support for emerging blockchain financial products regardless of the bill’s outcome. Bernstein highlighted continued development of tokenized real world assets, perpetual futures linked to tokenized assets, and prediction markets as areas likely to receive ongoing regulatory attention. The analysts believe these initiatives remain strategic priorities under Project Crypto even if Congress does not enact broader market structure legislation. Industry Still Prefers Congressional Action Although Bernstein sees regulators filling much of the gap, it says congressional approval of the Clarity Act remains the preferred outcome. A statutory framework would provide greater long term certainty for banks, broker dealers, exchanges, and institutional investors by clearly defining regulatory responsibilities in law rather than relying on agency guidance. CFTC Chair Michael Selig recently echoed that view, warning that regulators would ultimately write crypto rules themselves if Congress fails to act and describing the current mix of state level regulations as an inefficient patchwork. Conclusion Bernstein believes failure of the Clarity Act would likely create short term volatility across digital asset markets, but not halt regulatory progress. Instead, the brokerage expects the SEC and CFTC to accelerate rulemaking under Project Crypto by issuing clearer guidance on digital assets, decentralized finance, and token issuance. While agency action could provide meaningful regulatory clarity, Bernstein maintains that comprehensive legislation remains the stronger long term solution for providing lasting certainty and encouraging broader institutional participation in the U.S. crypto market.
Crypto Pac Fairshake Scores Primary Wins in Michigan and Washington
Crypto backed political action committee Fairshake continued expanding its influence in the 2026 U.S. election cycle after candidates supported by its affiliated PACs secured primary victories in Michigan and Washington. The latest wins strengthen the position of several lawmakers who support digital asset legislation as Congress continues debating a federal regulatory framework for cryptocurrencies ahead of the November midterm elections. Key Takeaways Fairshake Backed Candidates Advance to November Elections Several candidates supported by Fairshake affiliated political action committees secured party nominations during this week’s congressional primaries. In Michigan’s 4th Congressional District, Republican Representative Bill Huizenga won his party’s nomination after receiving nearly $512,000 in support from Defend American Jobs, Fairshake’s Republican aligned affiliate. His campaign also received financial backing from Andreessen Horowitz, Winklevoss Capital, and Coinbase. Huizenga will face Democratic challenger Sean McCann in the November general election. In Washington, Democratic Representatives Suzan DelBene, Kim Schrier, and Marilyn Strickland each advanced after receiving support from Protect Progress, Fairshake’s Democratic focused affiliate. Republican Amanda McKinney also secured her primary victory with support from Defend American Jobs. Crypto Industry Spending Remains Bipartisan Campaign finance records show Fairshake continues pursuing a bipartisan strategy by supporting candidates from both major political parties. Protect Progress spent approximately $113,120 supporting DelBene, $105,040 backing Schrier, and $103,020 supporting Strickland during their primary campaigns. Meanwhile, Defend American Jobs directed nearly $506,917 toward Amanda McKinney’s campaign in Washington in addition to its support for Huizenga in Michigan. The approach reflects Fairshake’s broader strategy of backing candidates viewed as supportive of digital asset policy regardless of party affiliation. Fairshake Expands Influence During 2026 Election Cycle The latest victories add to a growing list of successful candidates backed by crypto funded political committees throughout the 2026 election cycle. Earlier this year, Fairshake affiliates spent millions supporting candidates in Maryland, New York, Utah, Alabama, and Texas. Among its largest expenditures were more than $5.5 million supporting Maryland state Delegate Adrian Boafo, over $1.4 million backing Representative Ritchie Torres in New York, and more than $12 million during Alabama’s Republican primary runoff. The organization also supported Representative Christian Menefee, who defeated longtime Congressman Al Green in Texas’ Democratic primary runoff. Large Campaign Fund Supports Crypto Advocacy Fairshake has become one of the cryptocurrency industry‘s most influential political organizations since emerging as a major campaign spender during the 2024 election cycle. The committee announced in January that it had accumulated approximately $193 million ahead of the 2026 midterm elections. The fund is backed by major crypto companies and investors, including Coinbase and Andreessen Horowitz, allowing the organization to remain active in competitive congressional races across the country. Crypto Policy Remains Central Election Issue Fairshake’s political activity continues as lawmakers negotiate legislation that would establish a comprehensive federal framework for digital assets. Congress is still considering the Clarity Act, with negotiations focusing on regulatory authority, ethics provisions, and anti money laundering safeguards. Industry organizations, including the Digital Chamber, have increased engagement with lawmakers while several members of Congress continue working to build broader support for the legislation before future legislative sessions. Conclusion Fairshake’s latest primary victories demonstrate the growing political influence of the cryptocurrency industry as the 2026 midterm elections approach. By supporting candidates from both political parties, the crypto backed PAC continues strengthening relationships with lawmakers who favor clearer digital asset regulation. With a substantial campaign fund and Congress still debating major crypto legislation, Fairshake is likely to remain a significant force in shaping the political landscape surrounding cryptocurrency policy through the remainder of the election cycle.
Over $30M Stolen in Violent Crypto Attacks in 2026, Chainalysis Says
More than $30 million in cryptocurrency has been stolen through violent attacks targeting crypto holders in the first half of 2026, putting the year on track to surpass the record $58 million stolen through similar attacks in 2025, according to Chainalysis. The blockchain analytics firm documented 46 violent crypto related incidents globally through late June. The attacks, commonly described as “wrench attacks,” include kidnappings, home invasions and hostage situations in which criminals use physical force or threats to compel victims to transfer digital assets. The findings show that crypto security risks are extending beyond hacks and online fraud as criminals increasingly target the people behind valuable wallets. Key Takeaways France Becomes the Main Hotspot France has experienced the sharpest increase in violent crypto attacks. Chainalysis recorded 19 incidents in the country during 2025, but that figure had already risen to 30 by mid 2026. French authorities have reported an even higher number of cases. Interior Minister Laurent Nuñez said authorities had documented more than 70 crypto related violent incidents, prompting the government to strengthen protections for people considered at risk. Chainalysis links much of the increase to compromised personal information. A French tax official was allegedly involved in stealing and selling dossiers containing information about high net worth crypto holders, including names, addresses, phone numbers and holdings. A separate breach disclosed by crypto tax reporting company Waltio in January 2026 reportedly exposed information belonging to around 50,000 users. The combination of financial information and personal details can give criminals a direct way to identify potential targets. Chainalysis Head of Research Eric Jardine said sensitive databases remain attractive targets for criminals. “Any time a central repository collects valuable, exploitable intelligence, illicit actors will seek to attempt a breach.” The pace of attacks in France has also accelerated, rising from roughly 1.9 incidents per month in 2025 to about 4.6 per month during the first half of 2026. Criminals Increasingly Target Homes and Families The nature of wrench attacks is changing alongside the increase in incidents. Home invasions represented 37% of documented attacks in 2026, compared with 14% in 2025. Kidnappings remained the largest category at 52%. Criminals are also increasingly targeting relatives and acquaintances instead of going directly after the crypto holder. Chainalysis found that family members or close associates accounted for roughly 25% to 30% of incidents globally by early 2026. In France, the figure exceeded 40%. The pattern suggests that attackers are using information about a holder’s personal network to create additional pressure. Despite the increase in attacks, criminals are succeeding less frequently. Only 12 of the 46 documented incidents resulted in a payment, producing a 26% success rate. That compares with 49% in 2025 and 67% in 2024. Chainalysis attributed the decline partly to a larger number of less targeted attacks, particularly in France. Stolen Crypto Leaves an Onchain Trail Once attackers obtain cryptocurrency, their ability to move the funds quickly does not necessarily make them impossible to trace. Chainalysis identified different levels of sophistication among attackers. Some criminals send stolen assets directly to centralized exchanges, leaving a relatively straightforward transaction trail. More experienced groups use decentralized exchanges, bridges and cross chain tools to make tracing and recovery more difficult. At the most sophisticated end, some attackers appear connected to broader criminal networks. In one case examined by Chainalysis, stolen funds moved through an instant exchange and into a suspected laundering service with links to cartel money laundering networks, terrorist financing clusters and wallets associated with an alleged cocaine trafficker. The firm’s analysis shows that physical attacks can therefore connect directly to established cryptocurrency laundering infrastructure. Crypto Holders Face a Broader Security Risk The rise in wrench attacks highlights a security problem that cannot be solved through wallet security alone. A private key may be protected by strong encryption, but criminals can instead target the person who controls it. Publicly disclosing cryptocurrency holdings, linking identifiable wallets to personal information or allowing sensitive financial records to become exposed can increase the risk of physical targeting. The trend also creates a challenge for regulators, exchanges and law enforcement. Blockchain transactions provide investigators with a traceable record after a theft, but preventing the physical attack requires cooperation between crypto companies, data custodians and traditional law enforcement agencies. Conclusion Chainalysis’ data show that violent crypto crime is becoming a more significant threat as criminals find new ways to identify and pressure wealthy holders. More than $30 million has already been stolen in 2026, and the year’s total could exceed the $58 million record set in 2025 if attacks continue at the current pace. France’s sharp increase is particularly significant, with compromised personal data appearing to give criminals access to a larger pool of potential targets. Meanwhile, the growing use of family members and increasingly sophisticated laundering methods shows that the threat extends well beyond individual wallet security. For crypto holders, protecting private keys is only part of the equation. Limiting exposure of personal information and cryptocurrency wealth is becoming an equally important part of protecting digital assets.