French Committee Backs Stablecoin Swap Tax and Crypto Exit Tax, Then Rejects Budget

The significance lies less in the tax design than in the sequencing: a committee advanced targeted levies on stablecoin-to-fiat conversions and exits by large holders, then declined the revenue framework meant to carry them. That leaves the measures as signals of legislative intent rather than binding policy, and signals matter for how French crypto holders structure conversions and off-ramps. The open question is whether these proposals resurface in a later budget vehicle or fade with the rejected text.