New York Assemblymember Phil Steck has proposed a 0.2% excise tax on cryptocurrency transactions, which he estimates could generate $158 million annually. The revenue from this tax would be used to support substance abuse programs in upstate New York, addressing the state's ongoing opioid crisis. Steck's legislation stems from data indicating about $1 trillion in crypto transactions in the U.S. from mid-2022 to mid-2023, adjusted for New York's share of the GDP. Despite the New York Department of Financial Services declining to provide detailed transaction data, Steck used Chainalysis data to substantiate his revenue estimates. The proposed tax would apply to various digital assets, including NFTs and stablecoins, highlighting the need for regulation within the crypto sector following events such as the FTX collapse. Steck's initiative reflects an increasing trend among states to impose taxes on crypto transactions to fund public services.

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