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A majority could not be achieved in the French elections, so all eyes were turned to the party that would be the majority for crypto laws.
In France’s chaotic election, the New Popular Front, a coalition of left-wing parties, won 188 seats in French elections on Sunday – the biggest winners but not enough for a majority. President Emmanuel Macron’s Ensemble coalition won 161 seats, while Marine Le Pen’s far-right National Front won 141 seats. The lack of a clear majority could make it difficult to establish new policies, including crypto regulations, said Mark Foster, EU policy lead at the Crypto Innovation Council.
France’s general election unexpectedly resulted in the New Popular Front, a left-wing coalition, winning the most seats on Sunday, but the group fell short of a majority in the National Assembly race, leaving it unlikely to consider establishing any new policies, including crypto regulations can make it difficult.
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The coalition won 188 seats – 289 needed for a majority – while President Emmanuel Macron’s centrist Ensemble coalition now has 161 seats. Marine Le Pen’s far-right party, the National Front (RN), came third with 141 seats. Macron now has to choose a new prime minister to replace Gabriel Attal of the Renaissance party. Gabriel Attal announced that he would submit his resignation to Macron on Monday.
Politicians from many parties launched a strategic cooperation after the right wing gained the largest share of votes in the first round of voting last week. The third-placed candidates withdrew from the race to avoid splitting the anti-RN vote.
Mark Foster, EU policy leader of the Crypto Innovation Council, stated the following in his statements:
“It appears that the new parliament will have much larger left- and right-wing components, making domestic policy development (including crypto/digital assets) uncertain and difficult, while also limiting the president’s authority on the international and European stage,” Foster said. in the first round on June 30. after the vote.
France has already taken important steps regarding crypto. Last year, 74 crypto companies were registered and that number was expected to rise to 100, and regulators have been trying to attract more digital asset businesses ever since. Regulators began enforcing Crypto-Asset Markets (MiCA) rules on stablecoins in late June, the European Union’s far-reaching crypto asset laws. The rest of the crypto rules are expected to come into force by the end of the year.
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