‘Leave’: Crypto Backlash Over French Proposal to Report Wallets Over $112K
60-second summary
French lawmakers propose a new rule forcing crypto users to report any wallet holding over €100,000 (about $112,000), prompting a sharp backlash as investors fear heightened surveillance and potential “wrench attacks” targeting large holdings. Critics argue the measure could stifle adoption, push activity offshore, and dampen market liquidity, potentially pressuring prices downward across the crypto sector.
The proposal would require crypto owners to report holdings over €100,000, sparking concerns following a wave of "wrench attacks" in France.