Crypto News: France Tax Vote, Bitcoin $80K, Democratic Subpoenas

Bitcoin rebounded above $80,000 as U.S. stocks rallied following the midterm elections, according to the latest crypto market roundup. The broader market remained volatile: the quoted snapshot showed BTC at $75,820.05, down 7.23%, while XMR, BNB, XLM, SOL and HYPE were also lower. The equity rally nevertheless signaled renewed risk appetite as markets assessed the election’s implications for digital assets, technology companies and financial regulation.

France’s National Assembly rejected the revenue section of its 2027 state budget by a vote of 458-0, with two abstentions. The decision removed crypto-related amendments—including proposals concerning stablecoin swap taxes and wallet reporting—from the text that will now go to the Senate. The proposals could be reintroduced during the remaining budget process, so the vote delays rather than permanently blocks them. Faustine Fleuret, global head of public affairs at lending protocol Morpho, warned that rejecting the revenue section could also cause the entire Assembly bill to fail, including unrelated provisions added through amendments.

Democratic lawmakers are also preparing investigations into Big Tech executives and President Donald Trump’s business circle when the new Congress takes office in January. Senator Ed Markey said technology executives should expect a wave of subpoenas, while Representative Robert Garcia, the expected incoming House Oversight Committee chairman, pledged to target the “Trump Crime Family,” corporate corruption, DHS and ICE abuses, and the Epstein files. Garcia also warned the companies under scrutiny to “lawyer up.” AI expansion, Big Tech’s political influence and the electricity demands of data centers were prominent issues during the campaign.

Together, the developments highlight two major risks for crypto and technology firms: continued uncertainty over European tax and reporting rules, and a more aggressive U.S. oversight agenda. The next key indicators will come from France’s Senate budget process and the investigations and committee priorities announced when the new Congress convenes.