New York Assemblymember Phil Steck proposed a legislation for a 0.2% excise tax on cryptocurrency transactions across the state, which is estimated to generate $158 million annually. This revenue aims to combat substance abuse, particularly in upstate New York, where the opioid epidemic has severely affected communities. The proposed tax is based on data from 2022-2023, suggesting that New York's share of U.S. GDP significantly contributes to the total cryptocurrency transactions within the state. The legislation encompasses all forms of digital assets, including NFTs and tokens obtained via mining and staking. In light of increasing scrutiny and regulatory concerns surrounding cryptocurrencies, particularly following the collapse of the FTX exchange, Steck highlighted the vulnerability of the industry to fraud and scams.

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