Marine Le Pen’s Far-Right National Rally Party Leads in First Round of French Election

As a crypto investor with a keen interest in European politics, I’m closely monitoring the developments following the first round of France’s general election. The unexpectedly strong showing of Marine Le Pen’s National Rally (RN) party is a cause for concern. With about 19% of the registered votes, they have secured a significant position that could lead to uncertain and difficult domestic policy development in the crypto/digital asset sector.

According to the latest figures from the Ministry of Interior, Marine Le Pen’s National Rally (RN) party emerged as the leading force following the initial round of France’s unexpected general election on Sunday.

According to preliminary figures, Le Pen’s party, established by her father Jean-Marie Le Pen, obtained approximately 19% of the total votes cast. The Union of the Left, comprised of opposition parties, claimed about 18.19%, and Ensemble, which includes President Emmanuel Macron’s Renaissance group, garnered roughly 13.02% of the ballots.

The outcomes mirror RN’s triumph in the European Parliament elections, leading Macron to unexpectedly schedule the vote. Despite the election results, Macron has stated he will not step down. However, if his party falls short of the 289-seat majority, legislative progress could become more challenging.

As an analyst at the Crypto Council for Innovation, I’ve been following the EU policy landscape closely, and I must admit that it’s challenging to predict next week’s developments with certainty. However, one thing that has become clear is that Macron’s recent gambit appears to have faced some setbacks at this point in time.

“Although he had anticipated that RN would perform less favorably in legislative elections compared to the European ones, they surprisingly secured better results. As a result, the incoming parliament is expected to be significantly larger than before with far left and far right representatives. This could lead to challenges in shaping domestic policies, including those related to crypto/digital assets, as well as restricting the president’s influence on international and European matters.”

The National Rally, currently under Jordan Bardella’s leadership with Marine Le Pen heading the parliamentary faction, advocates for EU funding reductions, decreased immigration, elimination of birthright citizenship, and expulsion of foreign criminals. As reported by Britannica.com, this party has faced allegations of promoting xenophobia and anti-Semitism.

In the initial voting phase, individuals who fail to secure 12.5% of the votes from their respective constituencies will be eliminated. Subsequently, those who survive this elimination process will proceed to the second round of elections on July 7. During this stage, voters in each constituency will make their selection among the surviving contenders.

In the past year, France has witnessed notable advancements in cryptocurrency, with the registration of 74 such companies. This figure was anticipated to reach 100, and regulatory bodies have been actively working to encourage further growth in this sector.

Last year, the European Union passed its comprehensive crypto legislative package, known as Markets in Crypto Assets (MiCA), which covers regulations for stablecoins among other aspects. The stablecoin regulations have already taken effect, while the remainder of the legislation is projected to be implemented by the end of this year. France is currently enforcing its own sector-specific rules, potentially granting it an advantage in implementing MiCA.