2027 budget rejected 458 votes to 0: the stablecoin tax falls, heading to the Senate

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Indeed, on the evening of Wednesday, November 4, the National Assembly rejected the revenue part of the 2027 finance bill by 458 votes to 0. Three weeks of debate and hundreds of amendments resulted in a text that even the central bloc deputies no longer wanted to defend. The stablecoin tax passed by one vote on October 16 disappears with it.

The project is now returning to the Senate in the initial version tabled by the Lecornu government at the beginning of October. Everything that the deputies had added, removed or tinkered with during the session is erased.

The result is surprising, but the mechanics are known. Since the opening of the debates on October 13, each group has had amendments adopted against the advice of the government, often with convenient majorities. On October 15, article 3 on the reduction for retirees was voted down by 116 votes to 30. The next day, the left withdrew its tax on conversions into stablecoins. And so on, for three weeks.

Upon arrival, the text no longer looked like anything. “Indigestible”, “without coherence”, “contradictory”, in the words noted by LCP in the hemicycle on November 4. The left judged revenues to be insufficient, the right and the National Rally denounced an avalanche of taxes, and the central bloc refused to carry a budget that it no longer recognized. Everyone had their reason to vote against.

Did you follow the successive postponements of the vote? It was supposed to take place on November 3, then slipped. The first part of the PLF 2027 finally fell the next day, thirteen days before the deadline of November 17 at midnight set by the Constitution for the first reading in the Assembly.

For cryptocurrency holders, the rejection of the 2027 budget has an immediate effect. Nicolas Sansu's amendment I-3898 removed the tax deferment on exchanges of cryptos for stablecoins compliant with MiCA (the European regulation on cryptoassets). Converting bitcoin into USDC would have become a taxable event on January 1, 2027, at a flat tax of 31.4%. Adopted by 38 votes to 37, the device only lasted nineteen days.

Same fate for the five crypto amendments adopted in the Finance Committee. The Senate will not see any: it receives the government's text, not that of the deputies. The legislative file of the National Assembly confirms it, the shuttle starts again from the original copy.

Machine-translated from French