New York Assemblymember Phil Steck has proposed a 0.2% tax on cryptocurrency transactions, estimating it could generate $158 million annually. The bill aims to fund substance abuse prevention programs in upstate New York, which is facing a severe opioid crisis. Steck highlighted the increased scrutiny of the crypto industry post-FTX collapse, noting that many investors are motivated by the desire for quick wealth. The proposed tax, outlined in Bill A0966, would apply to various crypto transactions, including NFTs and stablecoins. Although aimed at fostering community health, it also reflects broader regulatory trends, as New York already imposes capital gains and other taxes on digital assets. The legislation comes amid similar initiatives in other states, such as Wyoming, which are exploring various avenues to support educational funding through crypto resources. The proposal underscores the challenges and opportunities of integrating cryptocurrency into governmental funding structures while addressing pressing societal needs.

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