New York Assemblymember Phil Steck has proposed a 0.2% excise tax on cryptocurrency transactions, estimating it could generate approximately $158 million annually. This tax revenue would be allocated to combat substance abuse, particularly in regions severely impacted by the opioid crisis. The proposal is supported by recent data from Chainalysis which indicates a significant volume of crypto transactions. Steck's memo outlines the necessity of regulating cryptocurrencies, mentioning concerns about fraud and scams in the industry following notable collapses, such as the FTX debacle. The tax would extend to various crypto activities, including NFTs and stablecoins. Despite regulatory challenges, Steck believes the measure could provide essential funds for community health efforts. The move aligns with wider discussions in several U.S. states about implementing crypto-related taxes to support public services.

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