Thirty-eight votes to 37. That is how France's proposal to apply capital gains tax to crypto-to-stablecoin swaps cleared the National Assembly on Friday, with 25 abstentions and just 100 of 577 deputies taking part. Amendment I-3898, filed by MP Nicolas Sansu, went through during debate on the 2027 Finance bill, per Bitcoin.com News, and if it survives unchanged the 31.4% rate would apply per exchange from January 1, 2027. Backers describe today's treatment as a regulatory loophole, arguing stablecoins already do some of the work of money, such as payments, and the amendment's text says the tax "does not create any new burden." Their case leans on enforcement numbers: Chainalysis estimates about 90% of French crypto gains go undeclared, and only 24,000 taxpayers declared close to $427 million of gains for 2024. Law is still several steps away. The Senate decides next Tuesday whether to take up the bill and can amend or reject the measure, while the government opposes it outright, with reports that it may strip the amendment or force through the original text. A one-vote win in a chamber five-sixths empty gives the measure little cover against a government that wants it gone.