According to data from the Ministry of Internal Affairs, Marine Le Pen’s far-right National Rally (RN) party won the majority of votes in the first round. The party, founded by Le Pen’s father, Jean-Marie Le Pen, received about 19% of registered votes, according to provisional data. The opposition Left Union ranked second with 18.19%. The Ensemble alliance, which includes President Emmanuel Macron’s Renaissance party, followed with 13.02%.

The election results bring to mind the victory of the RN in the European Parliament elections. This situation encouraged Macron to make a sudden decision to bring the elections early. Regardless of who wins the elections, Macron announced that he has no plans to resign. However, his party’s failure to gain a majority of 289 seats may make it difficult to pass laws.

“It’s hard to say what will happen next week, but what is clear is that Macron’s gamble appears to have backfired at this stage,” Mark Foster, EU policy lead at the Crypto Innovation Council, told CoinDesk.

“He had hoped that RN would not perform as well as in the European Parliament elections, but the party actually achieved a higher vote share. The new parliament has a much larger far-left and far-right wing, making domestic policy development (including cryptocurrency/digital assets) uncertain and “It will make it difficult and at the same time limit the president’s authority in the international and European arena.” he said.

The National Union, now led by Jordan Bardella, chaired by former leader Marine Le Pen’s parliamentary group, wants to cut funding to the European Union, reduce immigration, abolish birthright citizenship and deport foreign criminals. According to Britannica.com, the party has been accused of fueling xenophobia and anti-Semitism.

In the first round of elections, candidates who do not receive 12.5% ​​of the registered votes are eliminated. In the second round to be held on July 7, a choice will be made among the remaining candidates in each constituency.

France has already made significant progress in the field of cryptocurrency. Last year, 74 crypto companies registered in France and this number is expected to rise to 100. At the same time, regulators are trying to attract more companies.

The Crypto-Asset Markets (MiCA) law, the European Union’s far-reaching cryptocurrency package, was passed last year, including measures for stablecoins. Rules regarding stablecoins have already come into force, but the rest of the legislation is expected to come into force by the end of the year. France has already implemented its own rules for the sector. This is expected to give France an advantage when it comes to implementing MiCA.