New York Assemblymember Phil Steck has proposed legislation to impose a 0.2% excise tax on cryptocurrency transactions, forecasting an annual revenue of $158 million based on recent data. This tax aims to fund substance abuse prevention programs in upstate New York, where the opioid epidemic has severely affected communities. Steck's bill, identified as Bill A0966, reflects concerns over the crypto industry's volatility and its vulnerability to fraud, citing past incidents involving companies like Gemini. The proposed tax would apply to various crypto activities, including NFTs, mining, and stablecoins, and is designed to utilize revenues for expanding educational initiatives related to substance abuse. The bill rises amidst broader discussions in other states, such as Wyoming, that are exploring similar initiatives to support education with proceeds from crypto activities.

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