Technological innovation is no longer the only engine of the crypto ecosystem. Today, the debate has moved to the field of legal architecture and financial infrastructure control. This was the heart of the discussion moderated by Laure Pallez, Associate Director at Mascaret, and Estelle Monraisse (President Alter’Com Conseil and Senior Partner at Mascaret) at the conference organized by the Cercle France-Amériques on Monday, March 16, 2026.

The event, dedicated to interactions between “Banks, States, Citizens: who will shape the future of crypto?”, brought together a panel of experts recognized for a cross view between Europe and the United States on the issues of digital sovereignty: Sebastien Badault, Vice-President at Ledger and Stéphane Blemus, Financial Law Lawyer at White & Case.

The observation: irreversible integration

The era of experimentation is over. The question of the entry of digital assets into mainstream finance no longer arises: it is a reality. The current challenge lies in the definition of the rules of the game. The next chapter will not be written by technology alone, but by the interaction between private infrastructure, public sector involvement and regulatory credibility.

Three pillars of transformation identified:

1. Stablecoins, vectors of influence: For Europe, the ability to develop and adopt local issuers and payment rails is an imperative of sovereignty in the face of a dollar-dominated market.
2. Asset tokenization: More than a technical innovation, the programmability of financial assets represents a structural overhaul of capital markets, from issuance to asset service.
3. The regulatory framework as a lever: If the MiCA regulation offers a basis, the leading jurisdictions will be those that will align law, liquidity and institutional adoption to create an ecosystem of sustainable trust.

Finance is emerging at the intersection of law, technology and market structure. For companies and decision-makers, reflection must now focus on the nature of the infrastructure used and the resulting strategic benefits.

Mascaret thanks the Cercle France-Amériques for the invitation to this reference event and its partners for the quality of the debates.

🇺🇸 On the occasion of Donald Trump’s State of the Union speech for the year 2026, on Tuesday, February 24, 2026, Laure Pallez (Senior Partner Mascaret) spoke on the LCI set.

What is the state of the Union discourse? It is an annual event in the United States during which the President, here Donald Trump, presents his “program” for the current year before the legislative branch of the federal government and guests. The speech generally includes reports on the national budget, the economy, current affairs, the agenda, progress, achievements and priorities and legislative proposals of the President.

In summary: The economy and immigration dominated the discourse but Trump wanted to send a strong signal: innovation must not be at the expense of citizens. In the USA as elsewhere, concerns are growing around deregulation, especially on AI and education, where the demand for clear frameworks is pressing. The energy impact of AI fuels the fear of an increase in bills while real wages have only increased by 1% in the US according to the Center for American Progress. By demanding that tech giants finance their own energy needs, is the announcement of a “Rate Payer Protection Pledge” intended as a response to the widening gap between citizens and technology?

👉 If the economy and immigration have traditionally dominated the debates, Donald Trump has sent a strong signal: innovation must no longer be at the expense of the “average American”. In a context where concerns are growing in the face of deregulation considered risky, particularly in sensitive AI and education sectors, the need for clear and protective frameworks has become a major political priority to ease social tensions.

👉 This regulation is anchored in a fragile economic reality for American households. While real wages have increased by only 1% according to the Center for American Progress, the explosion in energy consumption linked to artificial intelligence weighs the threat of inflation in electricity bills. The contrast is striking between the record profits of tech giants and the stagnation of purchasing power, creating a fertile ground for popular resentment against modernity perceived as expensive and exclusive.

👉 In response, the announcement of the “Rate Payer Protection Pledge” tries to bridge the widening gap between Silicon Valley and the rest of the country. By requiring technology companies to finance their own energy infrastructure needs, the administration seeks to protect taxpayers’ wallets while empowering AI players. This measure is intended to be the symbol of a new social contract where the private sector must assume the externalities of its growth to ensure that the technological dream does not become a financial burden for the middle class.

Today, September 3, China will stage a military parade to mark the 80th anniversary of the end of World War II. This is a strong signal, coming the day after the summit of the Shanghai Cooperation Organization (SCO), sometimes referred to as the NATO of the non-aligned countries. The group photo speaks for itself and represents 42% of the world’s population.

Objectives: 1) to counterbalance the West without copying its codes, despite the inspiration that ENA provided for the training of Chinese elites, and above all 2) to establish Xi Jinping’s leadership in China vis-à-vis his people and then external powers, “a security force that can be relied upon” according to Chinese commentators.

Everyone is playing their part pragmatically:

➡️The slogan of “unlimited friendship” between Russia and China? Under review, thank you Aaron Glasserman for your insights from 🇺🇸

➡️🐉🐘 Facing the United States, “the dragon (China) and the elephant (India) must get along,” Xi Jinping explained yesterday, without ever mentioning Donald Trump.

➡️Monday’s rejection by the E3 (France, UK, Germany) of the process to reinstate UN sanctions against Tehran and its nuclear program is significant.

India, Brazil, South Africa, Indonesia… All are seeking to assert their autonomy.
A variable geometry multilateralism and “deals” that will be made on a case-by-case basis with Brussels or Washington.

Finally, the military parade is also a huge call for tenders with very tangible benefits for neighboring countries… and our French entrepreneurs abroad. Florian Bohême – Advisor to French citizens abroad in Cambodia

Diplomacy is also about numbers. With or without us.

Proximity breeds popularity.

With municipal elections just a few months away and against a backdrop of distrust and even acute mistrust of politics, a revealing survey by Public Sénat with ODOXA and Mascaret (formerly Dentsu Consulting) confirms that mayors rank first in terms of popularity among elected officials. With 60% of respondents having a good or very good opinion of them, mayors are far ahead of all other representatives in the political sphere.

However, this result should not obscure a worrying reality: the ever-increasing difficulties experienced by mayors in carrying out their duties, particularly tensions within municipal councils and the growing violence to which they are subjected. A worrying number of mayors are resigning (2,189 resignations between 2020 and 2025) or not standing for re-election because of this.

Will increasing mayors’ allowances and changing their status be enough to stem the tide of departures and attract new candidates? This is not a statutory issue, but a democratic one.

On June 21, 2025, Donald Trump took a major step with Operation Midnight Hammer.

After several days of threats and ultimatums, the US president demanded Iran’s “UNCONDITIONAL SURRENDER,” citing the defense of vital US interests. This phrase, borrowed from Eisenhower and laden with historical significance, echoes Japan’s surrender in 1945, which ended World War II. By invoking this memory, Trump seeks to place his actions in a tradition of assertive power, where peace is only negotiated after a show of force.

But this martial stance divides American opinion. While 73% of citizens consider Iran a serious threat, according to a recent hashtag#Fox poll, only pro-Trump Republicans overwhelmingly support military intervention, believing that “Israel’s war is America’s war,” a conviction that is particularly strong in Florida, a conservative stronghold led by Governor DeSantis, a fervent supporter of Israel.

Intervention 📺on June 22 on franceinfo