A French parliamentary committee voted this week to tax swaps from crypto into stablecoins and to add an exit tax on wealthy holders. On Friday the same committee rejected the budget's whole revenue section, so the amendments have to be tabled again.
The headline is a $10 exemption for network fees. The substance is a loophole that has been open since 1921 finally closing around digital assets.
Taxing unrealized paper values would punish the investment that builds companies, misfire on valuation, and raise far less than promised. Europe already ran this experiment.
When the largest fortunes in history compound untouched while wages carry the tax code, a wealth tax isn't radical. It's overdue arithmetic.