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Ledger co-founder urges civil resistance against France’s crypto disclosure law
In response to the looming threat of Amendment 1649AC—which would require French citizens to declare all cryptocurrency held in self-custody wallets—Ledger co-founder Éric Larchevêque is calling on the crypto community to participate in an act of civil resistance through a namesake protest “shitcoin,” 1649AC.
The registration of the bill, obligating French citizens to report the exact contents of their crypto wallets even if they have conducted no taxable transactions, has triggered serious concern among the country’s crypto community.
Critics warn that such a measure would create excessive intrusion into personal privacy and force citizens to disclose information that could endanger their safety if it fell into the wrong hands.
Although Amendment 1649AC has not yet gone through parliamentary hearings or the required voting rounds, Ledger co-founder Éric Larchevêque is already urging the crypto community to engage in “civil resistance” to prevent the proposal from becoming law.
Can shitcoins become useful?
As a form of protest, Larchevêque proposed creating a symbolic token called 1649AC—named after the bill’s registration number—with no real value but displaying a fictional market price of €1 billion.
“Every self-custody wallet holder would be invited to acquire one or two of these 1649AC tokens. The shitcoin must be designed so that on December 31, each token displays a value of €1 billion. This way, French citizens would be declaring between €1 and €2 billion of ‘value,’ rendering the data completely unusable,” Larchevêque suggested.
“Let’s make Article 1649AC unenforceable through civil disobedience. And finally give shitcoins a real purpose,” he added.
The idea appears to have resonated with many French crypto users. One X user under the nickname undisputed goat suggested that French crypto millionaires may indeed declare this token valued in the billions.
Another user, Daemon, called Larchevêque “the Bill Gates of crypto and Web3,” stating that “if every French crypto holder follows his advice (which is very likely), this token could soar beyond €100 million.”
As we wrote, Ledger explores security with signer and wallet integration
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