Budget 2027: if the Assembly rejects the revenue on Tuesday, the stablecoin tax jumps

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Express reminder. Amendment I-3898 by communist MP Nicolas Sansu removes the tax deferral on exchanges of cryptocurrencies against stablecoins compliant with MiCA (the European regulation on crypto-assets). Concretely, converting ether into USDC would therefore become a taxable event from January 1, 2027. The flat tax of 31.4% would apply even without a euro arriving in your bank account.

The text passed 38 votes to 37, with 25 abstentions. On the other hand, the deputies did not retain the other crypto amendments at this stage: extension of the exit tax to crypto assets of more than 800,000 euros, declaration of self-held wallets beyond 100,000 euros. A single measure, therefore, but suspended from Tuesday's vote.

First scenario, adoption. The deputies vote on the revenue part with its amendments, including the stablecoin tax. They then have until November 17 to review the spending. Then comes the shuttle with the Senate, which can delete the measure or rewrite it.

Second scenario, rejection. There is nothing theoretical about it: in fact, last year, the Assembly rejected its revenue part by 404 votes to 1. In this case, the deputies do not examine the second part. It is then the government's initial text which goes to the Senate, according to the procedure recalled by the Journal du Net. All the amendments voted by the deputies fall with it. Thus, the stablecoin tax would disappear, unless a senator reintroduces it.

Third scenario, the passage by force. Sébastien Lecornu is betting on a compromise “in December”. In the absence of a final vote, the government however keeps 49.3 in reserve. And if Parliament has not decided by December 18, there remains the route of budgetary ordinances, never used under the Fifth Republic.

First, the Minister of Public Accounts David Amiel estimates that the amendments voted on during the session widen the deficit by 10 billion euros. We are thus moving away from the objective of 5% of GDP in 2027. Then, the deputies examined less than 800 of the more than 3,000 amendments tabled. Finally, they already rejected the revenue part of the Social Security budget on October 23.

For crypto holders, Tuesday's vote therefore does not settle anything definitive: a rejection sends the ball back to the Senate, which has already voted on CARF, the automatic exchange of tax data on crypto accounts held abroad.

Machine-translated from French