French lawmakers on a key legislative committee have unanimously agreed to new rules restricting crypto promotions by social media influencers, according to a statement from the French Senate. Senators favored gentler restrictions, saying social media influencers should be allowed to promote any company that gained registration, which currently includes dozens of companies such as Binance and Bitstamp.

On May 24th, the European Commission proposed new rules, which would make regulated investment firms responsible for content that they pay or encourage social media influencers to promote. If passed into law, those proposals would apply across the European Union, including France.