how the parties position themselves on cryptocurrencies

Between more regulation for some and the desire for democratization for others, cryptos are not unanimous in politics and are not (yet) on the agenda for the majority of parties.

What if politicians finally took cryptocurrency issues seriously? French people are invited to return to the polls on Sunday, June 30 and July 7, for the early legislative elections called by the President of the Republic after his decision to dissolve the National Assembly on June 9. After a quick legislative campaign, political parties had to quickly come up with an electoral program to formulate their proposals for France. And the least we can say is that the subject of cryptocurrencies is not (really) on the agenda.

More support for the New Popular Front

On the New Popular Front (NFP) side, cryptocurrencies are seen as “speculation tools to be tightly regulated”, “which do not promote emancipation and which benefit the rich”. As with the financial markets, the left-wing parties want to regulate and tax them more. Contacted by BFM Crypto, Éric Coquerel, outgoing LFI MP and candidate for re-election in the first constituency of Seine-Saint-Denis, indicates that the “subject is not on the table at the moment” but that he and his political allies would be “for more regulation as for the stock markets”. He concludes by indicating “that it is not certain at the moment to go further in the regulation”.

Also contacted, Boris Vallaud, outgoing socialist MP for the 3rd constituency of Landes and former president of the group of socialist and related MPs in the National Assembly, confirmed that this is not the priority at present and that they “have not gone into this level of detail”. Same story from the Republicans who explain that the concern “is not really there”.

Strengthening the fight against the financing of criminal activities for environmentalists

Still in the New Popular Front, the Ecologists led by Marie Toussaint, recently elected MEP, want to “take a new step in the regulation of cryptocurrencies in order to strengthen national and European controls on the activity of digital asset service providers” (DASPs). They also want to “strengthen the fight against the financing of criminal activities via crypto-assets”.

Same rules as in finance for the RN?

On the RN side, cryptocurrencies are not mentioned at all in the political party’s program. Interviewed by BFM Crypto, Jean-Philippe Tanguy, outgoing RN MP for the Somme and candidate for re-election in the legislative elections, explains that “there is no arbitration for the moment on this subject” and “that there is no urgency”. During the 2022 presidential campaign, Marine Le Pen explained in her program that “cryptoassets should be placed under the common regime of financial markets”. According to the political party’s statements, however, cryptocurrencies should be further supervised and regulated.

Towards a democratization of the sector for Renaissance?

Finally, in the presidential party, this subject is not explicitly stated but the desire is rather to democratize this sector. The outgoing deputy for Paris-Saclay and candidate for the legislative elections in the 5th constituency of Essonne Renaissance, Paul Midy, said in committee on Monday September 25, when he was general rapporteur of the bill to secure the Internet, that he wanted ” support innovation” in “new blockchain or NFT technologies” and that “France should be sovereign over new technologies based on blockchain, such as NFTs”.

Pro-Bitcoin candidate in legislative elections

But one candidacy catches the attention of crypto sympathizers: that of Aurore Galves Orjol. Aurore Galves Orjol, candidate in the 8th constituency of Isère for the 2024 legislative elections, who is running without a label and without a party, has a project: “highlight Bitcoin”.

“The idea is to present an application to talk about bitcoin because the holders of this cryptocurrency demand consideration,” Aurore Galves Orjol told BFM Crypto. “Rather than vote blank, vote Bitcoin,” she continues.

With this application, this entrepreneur and professor at business schools in Lyon, would like to “try to integrate bitcoin into life and to properly supervise this sector”. She would like to “create an optimal solution in France by drawing the best things from society”, and for her, bitcoin is part of it.

According to a consultation on BFM Crypto’s X account dated June 21, in order to know if Internet users following the news of the sector will vote in the legislative elections based on the tax proposals on cryptos, 58.7% indicated that “no not at all”, 21.7% indicated “yes a little” and 19.6% indicated “yes a lot” (out of 143 votes).

According to last study of the Adancarried out in partnership with KPMG and the Ipsos polling institute and published in March 2024, 12% of French people (aged 18 and over, Editor’s note) owned crypto-assets (cryptocurrencies, NFTs or stablecoins) at the start of 2024.