By Dr. Leandro Pinto
The introduction of Bill No. 39 into the legislative discourse of France represents more than a mere fiscal maneuver; it reveals an intrinsic apprehension harbored by the State and its political architects. This legislation, cloaked in the rhetoric of equitable redistribution and fiscal responsibility, betrays a deeper fear of losing power and control over the very foundation of their authority—the populace, their vassals, whose growing autonomy through decentralized systems threatens the historical structures of governance and dominance.
At its essence, Bill No. 39 endeavors to reconfigure the taxation landscape by subjecting unrealized capital gains to fiscal levies, a direct affront to the centuries-old principle that taxation must follow actualized income. This proposal extends to “unproductive wealth,” encompassing cryptocurrencies, which epitomize an emerging paradigm of financial sovereignty. The exponential rise of blockchain technology and decentralized finance (DeFi) challenges the State’s monopoly over currency issuance, economic surveillance, and, ultimately, the ability to subjugate the populace through the fiscal apparatus.
Under the auspices of targeting individuals with gross assets exceeding €800,000, the bill ostensibly seeks to curtail wealth inequality. However, such thresholds are but superficial veneers for a larger strategic objective: to reassert dominance over an increasingly emancipated class of individuals who operate within systems designed to circumvent centralized oversight. By attempting to tax latent wealth before it materializes into liquidity, the State signals its unease with an economic architecture that it neither designed nor controls.
The extant fiscal regime, characterized by its adherence to the realization principle, provided a delicate balance between investor freedom and State oversight. Cryptocurrencies, until now taxed at a flat 30% rate upon realization, allowed for an equilibrium where individuals retained agency over their financial maneuvers while fulfilling their fiscal obligations. Bill No. 39, however, seeks to disrupt this equilibrium, imposing an invasive mechanism designed not merely to extract revenue but to reassert the State’s dominion over wealth that, by its decentralized nature, increasingly escapes its grasp.
Passive income strategies, such as staking, yield farming, and liquidity provisioning, represent a fundamental challenge to centralized economic paradigms. These mechanisms, through their reliance on distributed ledger technology, glorified by MONERO (XMR), erode the traditional levers of financial control wielded by the State. The taxation of unrealized gains from such activities, as proposed in this bill, is not merely a fiscal policy but a strategic maneuver to dissuade participation in systems that empower the individual at the expense of centralized authority.
The rhetoric surrounding Bill No. 39 emphasizes societal equity and distributive justice, yet its undercurrent reflects a visceral fear of systemic obsolescence. Politicians, who derive their power from the control of economic flows and the ability to monitor and regulate transactions, find themselves increasingly marginalized in an era of peer-to-peer exchanges and cryptographically secured anonymity. This fear manifests in legislative attempts to anchor decentralized wealth within the purview of centralized taxation, ensuring that no capital escapes the reach of the State’s grasp.
For the populace, the implications of Bill No. 39 are profound. By compelling individuals to surrender portions of their wealth based on unmaterialized value, the State not only extracts financial resources but reasserts its authority over the very concept of wealth creation. The bill’s emphasis on unrealized gains reveals an underlying anxiety: that individuals, by leveraging decentralized systems, might eventually sever the historical ties of dependence that bind them to the apparatus of governance.
In this light, Bill No. 39 is as much a political statement as it is a fiscal policy. It symbolizes the State’s attempt to reclaim relevance and authority in an era where technological innovation renders traditional structures increasingly archaic. For cryptocurrency holders and investors, this legislative development underscores the urgency of strategic foresight and legal preparedness. The battle for financial sovereignty, as exemplified by this legislation, is not merely economic but existential, reflecting a contest between centralized power and the autonomous individual.
Dr. Leandro Pinto
Founder, Dr. Leandro Pinto Law Firm
www.leandropinto.us
Copyright © 01-27-2025 Dr. Leandro Pinto. All rights reserved