The French Finance Committee voted to treat conversions from cryptocurrency into fiat-backed stablecoins as taxable sales beginning January 2027

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Judge Alvin K. Hellerstein ruled under Federal Rule of Civil Procedure 60 that newly acquired knowledge of facts existing when the January 2025 consent order was entered does not constitute a significant change in factual circumstances

The CFTC filed a lawsuit in 2022 alleging Gemini Trust Company made false or misleading statements of material fact in 2017 regarding a Bitcoin futures contract relying on Gemini auction prices

France should tax cryptocurrency conversions into stablecoins

Individuals who fail to declare self-custodied crypto holdings under Amendment I-CF821 face fines of up to €10,000 ($11,000)

Sponsors of Amendment I-CF821 introduced the disclosure measure to combat tax evasion and address unrecorded cryptocurrency capital gains

On October 9, 2026, the French National Assembly's Finance Committee adopted Amendment I-CF821, requiring individuals to declare self-custodied crypto wallets valued at or above €100,000 ($112,000) annually as of December 31

Circle's USDC stablecoin reached a circulation of $72.6 billion to $73.3 billion in the second quarter of 2026, representing a 19% increase from the prior year

Regulated crypto service providers in France already face tax reporting obligations, whereas self-custodied wallets previously remained unmonitored

Circle CEO Jeremy Allaire stated that businesses and individuals in emerging markets are turning to stablecoins for digital-dollar payments and financial services as blockchain moves into a mainstream scaling phase

Nym CEO Harry Halpin criticized the crypto wallet disclosure rule in Amendment I-CF821, citing a case where a French tax agent allegedly sold crypto holders' tax data to criminals

Circle announced plans on October 16, 2026 to expand into approximately 40 to 50 emerging and developing markets across Southeast Asia, Latin America, Africa, and the Middle East

Circle secured U.S. federal trust bank charter approval in July 2026 to support its institutional digital dollar operations

The French Finance Committee approved expanding France's exit tax to cryptocurrency holdings exceeding €800,000 when taxpayers move abroad

Amendment I-CF821 was sponsored by LIOT parliamentary group deputies Charles de Courson, Jean-Pierre Bataille, and Michel Castellani

Circle controls approximately 25% of the global stablecoin market, trailing Tether's USDT which holds nearly 60% market share

Circle CEO Jeremy Allaire cited the U.S. GENIUS Act, expected to take effect in January 2027, as a key regulatory framework encouraging wider stablecoin adoption

Circle CEO Jeremy Allaire stated at the IMF and World Bank meetings in Bangkok that federal banking approvals and U.S. legislation position USDC as a legitimate digital dollar

To become law, the rejected crypto amendments, including Amendment I-CF821, must be re-submitted and approved during full National Assembly floor debate

French lawmakers set the higher €100,000 crypto disclosure threshold to address security concerns stemming from recent targeted attacks against cryptocurrency holders in France, including the kidnapping of Ledger co-founder David Balland

A French parliamentary inquiry found that crypto capital gains reached €3.5 billion in 2021, while only €400 million was declared to tax authorities