New York Assemblymember Phil Steck has proposed a 0.2% excise tax on cryptocurrency transactions statewide, projecting an annual revenue of $158 million based on recent crypto transaction data. The revenue aims to aid schools in combating substance abuse in upstate New York, which has been severely affected by the opioid epidemic. Steck's proposal is noteworthy as it encompasses all crypto transactions, including NFTs and digital assets from mining and staking. The Department of Financial Services in New York, which regulates crypto firms, has not provided detailed transaction volume data, prompting Steck to rely on a valuation method using Chainalysis figures and New York's GDP share. This initiative arises amid increasing scrutiny of the crypto industry following high-profile collapses, including the FTX exchange, highlighting regulatory challenges and environmental impacts associated with crypto mining.

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