France Delays Budget Vote Again, Stablecoin Tax Still Pending

The repeated delay matters less for the stablecoin-swap tax itself than for what it signals about French fiscal politics: crypto provisions are riding on a budget text that cannot yet clear the legislature, so their fate is tied to unrelated coalition arithmetic rather than to crypto policy logic. The rejection of the exit tax on unrealized gains shows lawmakers are drawing distinctions between transaction-level levies and broader wealth-style taxation, a split worth tracking as other jurisdictions weigh similar measures. Whether the stablecoin-swap tax survives the budget process intact, or is dropped as a bargaining chip, is the open question.