The French National Assembly postponed, without setting a new date, the vote on the revenue side of the 2027 budget that had been scheduled for Tuesday 20 October at 15:00. The delay leaves a narrowly adopted tax on crypto-to-stablecoin conversions suspended pending a final vote whose timing is now uncertain.
The broadcaster LCP, which covers parliamentary proceedings, reported that more than 2,800 amendments remained pending as of Friday midnight, out of 3,396 deposited on the revenue section. "The vote cannot therefore take place this Tuesday 20 October, as originally planned," LCP said. By Tuesday, 2,828 of those amendments had still not been examined.
The Constitution requires the Assembly to move to debating the Social Security budget (PLFSS) this afternoon, since that text must leave the chamber within 20 days, by 27 October. Outlet Capital reported that discussion of the revenue section and the stablecoin tax is expected to resume around that date. Remaining items still to be examined on the revenue side include corporate tax, a surtax on holding companies, the research tax credit, local taxation, and a €2.5 billion contribution demanded from local authorities.
The overall first-reading vote on the 2027 budget remains scheduled for 17 November. A 70-day constitutional deadline expires on 17 December, after which the government could resort to ordonnances to pass the budget without a parliamentary vote. Economy Minister Roland Lescure has not ruled out using that route if no budget is adopted by then.
A one-vote margin
The stablecoin measure, amendment n° 3898 tabled by Nicolas Sansu of the GDR group, was adopted on Friday 16 October by 38 votes to 37, with 25 abstentions, in scrutin n° 8836. It would end the current tax deferral applied when crypto holdings are converted into a MiCA-compliant stablecoin, treating such a conversion as an exit from the market. Under the example given, selling ether for USDC on 2 January 2027 would trigger the flat tax rate of 31.4% applied upon conversion.
The result was complicated by a vote correction. Olivia Grégoire of the EPR group was recorded voting in favour, but she issued a mise au point saying she "had wanted to vote against." Had her vote gone the other way, the amendment would have failed 37 to 38. Under Assembly rules, however, a mise au point does not alter the official result of a vote, so the amendment's adoption stands as recorded.
The committee stage had already produced a reversal on the same text: the Finance Committee rejected this revenue section on 9 October by 31 votes to 3.
Two further crypto-related amendments have yet to be examined. One, amendment I-CF1822, would introduce an exit tax on crypto portfolios above €800,000. The other, I-2701, would require mandatory declaration of self-hosted wallets holding more than €100,000.
The French debate comes as other jurisdictions reconsider the timing of crypto taxation: South Korea is reportedly considering postponing its own crypto tax to 2029.
