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Door Remote - 05 Nov 2026
Today in crypto, France’s National Assembly sidelined stablecoin swap taxes by rejecting the budget’s revenue section, Democrats wasted little time threatening investigations into President Donald Trump’s business circle and Big Tech executives after sweeping the US midterm elections and Bitcoin rebounded above $80,000 as US stocks rallied on the results.
France budget rejection sidelines stablecoin tax, wallet reportingThe French National Assembly rejected the 2027 state budget’s revenue section late Wednesday, removing crypto-related amendments from the version of the bill sent to the Senate.
The Assembly rejected the revenue section by a vote of 458–0 at first reading, with two abstentions, according to the official voting record. The revenue section covers government income, such as taxes.
After the rejection, the government will send the Senate the original budget text, without the crypto-related amendments adopted by lawmakers.
The proposals could still be reintroduced in the Senate and would need to survive the remaining budget process to become law.
Faustine Fleuret, global head of public affairs at lending protocol Morpho, told Cointelegraph before the vote that rejection of the revenue section could “result in the rejection of the entire bill in the National Assembly, including provisions adopted by way of amendments.”
‘Lawyer up’: Democrats target Trump, Big Tech after midterm sweepDemocratic lawmakers said Big Tech executives should expect a wave of subpoenas, along with investigations into US President Donald Trump’s business circle when the new Congress takes office in January.
As Democrats secured control of Congress in a sweeping victory on Tuesday, Democratic lawmakers were already firing warning shots at the Trump family and tech executives close to the US president.
“They are going to need to plant new forests for all of the subpoenas we’ll be printing,” said US Senator Ed Markey, who sits on the Senate Commerce Committee, referring to Big Tech executives.
US Representative Robert Garcia, the expected incoming House Oversight Committee chairman, said he plans to take on “the Trump Crime Family, corporate corruption, DHS and ICE abuses, and the cover-up of the Epstein files,” adding a two-word warning: “Lawyer up.”
The warnings follow a mid-term election campaign in which Democrats challenged Big Tech’s growing political influence and the rapid expansion of AI, raising concerns about data centers’ demands on electricity, safeguards for AI products and tech executives’ ties to Trump.
Bitcoin hits $80.5K as US stocks rally on midterm election resultsBitcoin (BTC) returned to $80,000 at Wednesday’s Wall Street open as US stocks surged following a Democratic sweep in the midterm elections.
Data from TradingView showed BTC/USD up by over 4%, having rebounded from its lowest levels in seven weeks.
Data from CoinGlass showed the price dip liquidating late BTC long positions below $76,000, while a wall of asks kept upside contained below $78,000. Total crypto long liquidations over the past 24 hours stood at $288 million.
US stock futures made swift gains on Wednesday after initially dipping overnight. S&P 500 futures fell as low as 7,490 points, their lowest level since July 31, before reaching 7,690 points, approaching new month-to-date highs.
In comments sent to Cointelegraph, James Butterfill, head of research at crypto asset manager CoinShares, saw the potential for a wider Bitcoin “relief rally” as election uncertainty faded.
France budget rejection sidelines stablecoin tax, wallet reportingThe French National Assembly rejected the 2027 state budget’s revenue section late Wednesday, removing crypto-related amendments from the version of the bill sent to the Senate.
The Assembly rejected the revenue section by a vote of 458–0 at first reading, with two abstentions, according to the official voting record. The revenue section covers government income, such as taxes.
After the rejection, the government will send the Senate the original budget text, without the crypto-related amendments adopted by lawmakers.
The proposals could still be reintroduced in the Senate and would need to survive the remaining budget process to become law.
Faustine Fleuret, global head of public affairs at lending protocol Morpho, told Cointelegraph before the vote that rejection of the revenue section could “result in the rejection of the entire bill in the National Assembly, including provisions adopted by way of amendments.”
‘Lawyer up’: Democrats target Trump, Big Tech after midterm sweepDemocratic lawmakers said Big Tech executives should expect a wave of subpoenas, along with investigations into US President Donald Trump’s business circle when the new Congress takes office in January.
As Democrats secured control of Congress in a sweeping victory on Tuesday, Democratic lawmakers were already firing warning shots at the Trump family and tech executives close to the US president.
“They are going to need to plant new forests for all of the subpoenas we’ll be printing,” said US Senator Ed Markey, who sits on the Senate Commerce Committee, referring to Big Tech executives.
US Representative Robert Garcia, the expected incoming House Oversight Committee chairman, said he plans to take on “the Trump Crime Family, corporate corruption, DHS and ICE abuses, and the cover-up of the Epstein files,” adding a two-word warning: “Lawyer up.”
The warnings follow a mid-term election campaign in which Democrats challenged Big Tech’s growing political influence and the rapid expansion of AI, raising concerns about data centers’ demands on electricity, safeguards for AI products and tech executives’ ties to Trump.
Bitcoin hits $80.5K as US stocks rally on midterm election resultsBitcoin (BTC) returned to $80,000 at Wednesday’s Wall Street open as US stocks surged following a Democratic sweep in the midterm elections.
Data from TradingView showed BTC/USD up by over 4%, having rebounded from its lowest levels in seven weeks.
Data from CoinGlass showed the price dip liquidating late BTC long positions below $76,000, while a wall of asks kept upside contained below $78,000. Total crypto long liquidations over the past 24 hours stood at $288 million.
US stock futures made swift gains on Wednesday after initially dipping overnight. S&P 500 futures fell as low as 7,490 points, their lowest level since July 31, before reaching 7,690 points, approaching new month-to-date highs.
In comments sent to Cointelegraph, James Butterfill, head of research at crypto asset manager CoinShares, saw the potential for a wider Bitcoin “relief rally” as election uncertainty faded.