French Assembly Backs Tax on Crypto-to-Stablecoin Swaps by One Vote

The one-vote margin is the real signal here: it shows how fragile the policy consensus is, and the fact that the measure is still not law means the stablecoin tax treatment remains genuinely uncertain. What's notable is the design — singling out single-currency stablecoins rather than crypto-to-crypto swaps broadly suggests regulators view dollar-pegged tokens as an exit point rather than a neutral trading pair. Users and platforms routing flows through USDT and USDC in France are the most directly exposed. The open question is whether the narrow majority holds through the remaining legislative steps, and whether other jurisdictions read this as a template.