According to CoinMeta, the French National Assembly unanimously rejected the revenue portion of the 2027 national budget bill in its first reading with 458 votes against and 0 votes in favor (2 abstentions). Following legislative procedures, the government will submit the initial budget draft text, which does not include the amendments proposed by the members of the National Assembly, to the Senate. The three amendments previously passed regarding cryptocurrencies will therefore temporarily become invalid. The National Assembly had voted to impose taxes on the conversion of cryptocurrencies to stablecoins, to require taxpayers to declare assets in self-managed crypto wallets worth over 100,000 euros (approximately $112,000) at the end of the year, and to significantly increase the fine for crypto platforms that do not cooperate with tax authorities from 10,000 euros to 50,000 euros. These proposals may still be reintroduced during the debate in the Senate. The French Senate is expected to begin debating the fiscal bill on November 20 and will officially review the revenue provisions on November 23.