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As reported by Journal du Coin, France’s 2027 budget bill was submitted to the National Assembly on October 1, with the Finance Committee beginning to vote on ten cryptocurrency-related amendments on October 7. As of October 8, three have been passed: stablecoin conversions are treated as taxable events (starting January 1, 2027), cryptocurrencies valued over €800,000 are subject to an exit tax, and cryptocurrency losses can be deferred and deducted over a ten-year period; a proposal to expand the wealth tax to cover crypto assets was rejected; and a tax-cut amendment submitted by Paul Midy was directly declared invalid for violating Constitutional Article 40, which prohibits reductions in public revenue. Additionally, the EU DAC8 directive mandates that platforms collect user identity and transaction data starting January 1, 2026, with initial reports to tax authorities due by June 15, 2027, taking effect automatically without a parliamentary vote. Another proposal would require reporting of self-custody wallets valued above €100,000, carrying maximum fines of €10,000 for violations. The aforementioned amendments are not yet legally binding. The plenary session will deliberate on them from October 13 to 19, with the final vote set for November 17.
According to Chaoxiang Research, Goldman Sachs' research report dated August 24, 2026, indicates that cryptocurrency trading volume fell 30% in July and 21% in August, declining for 10 consecutive months, a duration that exceeded the median of the previous five cycles. Trading volume in this cycle has dropped 75% from its peak, while cryptocurrency market capitalization rebounded 21% over the past week. Goldman Sachs suggests a turning point in trading volume may emerge if market cap remains at current levels. On the regulatory front, 35% of institutional investors cite regulatory uncertainty as the biggest hurdle, while 32% identify regulatory clarity as the primary catalyst. The SEC recently proposed an innovation exemption framework. In 2026, over 10 additional digital asset companies received bank charters from the OCC, and more than 15 crypto firms have already been incorporated into the federal banking system. Crypto companies reduced expenses by an average of approximately 5% in 2026, lifting operating margins by roughly 5.8 percentage points. Goldman Sachs remains cautiously optimistic for the second half of the year, with sector valuations currently positioned at the 30th percentile over a five-year period. Key recommendations include COIN (target price $196), HOOD ($124), IBKR ($114, featured on Goldman Sachs' Conviction List US), and FIGR ($43). The investment logic diverges across the three sectors: traditional brokerages are poised for a September reversal, prediction markets are driven by the election cycle, and crypto equities benefit from a triple catalyst of market cap recovery, cost reductions, and regulatory reform.
The U.S. Office of the Comptroller of the Currency conditionally approved World Liberty Financial's trust license application. Ten Democratic senators signed a bill to prevent corruption in bank applications.
Odaily Planet Daily: Ten European financial institutions have jointly launched Regulated Layer One (RL1), a network established as a European Cooperative in Luxembourg that has commenced operations, targeting regulated financial markets and tokenized assets. RL1 founding members include ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion. RL1 stated that each member holds equal decision-making power over the network's governance and development. This permissioned private network is built on infrastructure developed by German fintech company Secure Worldwide Interbank Asset Transfer (SWIAT), which has transferred ownership of the network to the cooperative. SWIAT stated that during its three-year production phase, the platform processed over 50 transactions with a total value exceeding €700 million. RL1's intended use cases include digital currencies, tokenized bonds, collateral, and blockchain-based settlement. RL1 will be led by former SWIAT Managing Director Henning Vollbehr. KfW and L-Bank will continue to support the initiative, and RL1 is in discussions with additional institutions such as NatWest regarding joining the network.