New York Assemblymember Phil Steck has introduced legislation proposing a 0.2% excise tax on cryptocurrency transactions in the state. This tax is projected to generate approximately $158 million annually, citing data from Chainalysis and economic statistics. The generated revenue is intended to assist schools in combating substance abuse in upstate New York, where the opioid crisis has affected many communities. The bill covers various digital assets, including NFTs and stablecoins, and comes amid heightened scrutiny of the crypto industry following major collapses like FTX. Steck indicates that despite regulatory efforts, many digital assets are still subject to fraud. The New York State Department of Financial Services did not provide transaction volume data, prompting Steck to estimate figures based on the overall cryptocurrency market.

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