Marine Le Pen’s far-right National Rally (RN) party took the lead in the first round of France’s unexpected general election, as reported by Ministry of Interior data. The party, established by Le Pen’s father Jean-Marie Le Pen, secured approximately 19% of the registered vote according to provisional results. This outcome mirrored RN’s success in the European Parliament elections, prompting President Emmanuel Macron to call for the sudden general election. The opposition Union of the Left followed closely with 18.19% of the votes, while Ensemble, which includes Macron’s Renaissance party, garnered 13.02%. Macron has expressed no intention of resigning regardless of the election outcome. However, if his party fails to secure the 289-seat majority required, passing legislation could become more challenging. “It’s difficult to predict the outcome of the election, but Macron’s decision to call for it seems to have backfired,” said Mark Foster, the EU policy lead at the Crypto Council for Innovation. “The new parliament’s composition with larger far-left and far-right factions may complicate domestic policy development, including decisions related to crypto and digital assets, while potentially limiting the president’s authority on international and European matters.” The National Rally, now led by Jordan Bardella with Marine Le Pen heading the parliamentary party, advocates for reducing EU funding, stricter immigration policies, revoking birthright citizenship, and deporting foreign criminals. However, the party has faced criticism for fostering xenophobia and anti-Semitism. The first round of the election eliminates candidates who do not secure at least 12.5% of the locally registered vote. The second round, scheduled for July 7, will involve a runoff among the remaining candidates in each constituency. France’s Progress in the Crypto Sector France has been notable for its advancements in the crypto industry. In the previous year, the country registered 74 crypto companies, with expectations of this number rising to 100. Regulators in France have been actively working to attract more crypto-related businesses to the country. The Markets in Crypto Asset legislation, part of the European Union’s comprehensive crypto package that includes regulations for stablecoins, was passed last year. While the stablecoin rules are already in effect, the remaining legislation is anticipated to be enforced by the year’s end. France has also implemented its regulations for the crypto sector, providing a potential advantage in the implementation of the Markets in Crypto Asset legislation (MiCA). This proactive approach by France towards crypto regulation showcases the country’s commitment to fostering innovation and growth in the digital asset space. With a conducive regulatory environment, France aims to position itself as a leading hub for crypto and blockchain technology within the European Union and globally.
Far-Right National Rally Leads in France’s General Election First Round
14/07/2024
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The far-right National Rally takes the lead in the first round of France's general election, signaling a potential shift in the political landscape. Stay informed on the latest updates.
and birthright citizenship. The crypto, competed against the Union of the Left and Emmanuel Macron. The election also brought discussions on crypto and digital assets, EU funding, France held its general election where the National Rally, immigration policies, led by Marine Le Pen from the far-right