France’s National Assembly has rejected the revenue section of the 2027 state budget, a move that stripped out three crypto-related amendments before the bill is sent on to the Senate.

The revenue portion of the budget covers state income, including taxation. Because that section failed at first reading, the Senate will receive the government’s original text rather than the version that had been amended by lawmakers earlier in the process.

A unanimous vote against the revenue section

The Assembly voted late Wednesday to reject the budget’s revenue section by 458 votes to 0, with two abstentions. That procedural outcome had a direct effect on the digital-asset provisions that had previously been added to the bill.

With the revenue chapter thrown out, the crypto amendments adopted in October and November were removed from the text that now advances to the upper chamber. The defeat does not by itself settle the issue, but it does reset the Senate’s starting point.

Which crypto measures were dropped

Three measures affecting the crypto sector were sidelined as a result of the vote. One would have taxed gains realized when crypto assets are converted into stablecoins.

Another would have required taxpayers to disclose self-custodied crypto holdings above 100,000 euros, measured as of Dec. 31 of the relevant tax year. A third proposal would have increased the penalty for crypto platforms that fail to provide information to tax authorities, raising it from 10,000 euros to 50,000 euros.

What happens in the Senate

The government is now expected to transmit the original finance bill to the Senate without those additions. That means senators will not automatically inherit the Assembly’s crypto amendments in the text currently under review.

However, the proposals are not necessarily dead. They could be reintroduced during Senate debate, and even then would still need to make it through the rest of the budget process before becoming law.

Next dates in the budget calendar

The Senate is scheduled to begin debating the finance bill on Nov. 20. Further consideration of the revenue section is set for Nov. 23.

Those sessions are the next confirmed opportunity for the crypto amendments, or similar language, to return to the legislative process. Until then, the budget text moving forward does not include the previously adopted digital-asset tax and reporting measures.

Source: cointelegraph.com