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Here’s what happened in crypto today
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- DeepHorus
France’s National Assembly rejected the 2027 budget’s revenue section late Wednesday by a 458–0 vote with two abstentions. The move sidelined crypto-related amendments, including stablecoin swap taxes and wallet reporting requirements. The government will send the Senate the original budget text without those provisions.
The amendments had targeted stablecoin swap taxes and wallet reporting. Faustine Fleuret of Morpho told Cointelegraph before the vote that rejecting the revenue section could “result in the rejection of the entire bill.” The proposals could still return in the Senate.
In the US, Democrats swept Tuesday’s midterms and secured Congress. Lawmakers warned Big Tech and President Donald Trump’s business circle of subpoenas when the new Congress begins in January; Senator Ed Markey said executives will need “new forests” for the subpoenas. Representative Robert Garcia, expected House Oversight chairman, said he would target “the Trump Crime Family, corporate corruption” and warned: “Lawyer up.”
Bitcoin rebounded above $80,000 at Wednesday’s Wall Street open as US stocks rallied on the election results. TradingView data showed BTC/USD up more than 4%, recovering from seven-week lows. CoinGlass data showed the dip liquidated late BTC long positions below $76,000, while asks capped upside below $78,000; total crypto long liquidations over 24 hours were $288 million.
US stock futures initially dipped overnight, with S&P 500 futures falling to 7,490 points, their lowest since July 31, before reaching 7,690 points. James Butterfill of CoinShares saw potential for a wider Bitcoin “relief rally” as election uncertainty faded. The rebound came alongside the equity rally.
The French budget process moves to the Senate, where crypto proposals could be reintroduced. In Washington, Democratic control from January sets up oversight clashes over Big Tech, AI, and Trump’s business ties. Crypto markets will watch regulatory signals and liquidity after the $288 million liquidation event.
