New York Assemblymember Phil Steck has proposed Bill A0966, which introduces a 0.2% excise tax on cryptocurrency transactions in the state. This legislation could potentially generate $158 million annually, as estimated from data provided by Chainalysis and recent GDP statistics. The revenue from this tax would be allocated to expand substance abuse prevention and intervention programs in schools throughout upstate New York, particularly in areas severely affected by the opioid epidemic. The bill encompasses a range of digital assets, impacting NFTs, mining, staking, and stablecoins. During the testimony related to the bill, Steck pointed out the challenges in obtaining precise data from the New York Department of Financial Services on crypto transactions, yet he found a workaround by analyzing the dollar value of transactions attributed to New York. The proposed tax comes amid ongoing scrutiny of the crypto industry, particularly following incidents such as the FTX collapse and concerns about fraud and scams.

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