New York Assemblymember Phil Steck has proposed legislation instituting a 0.2% excise tax on cryptocurrency transactions. He estimates this tax could yield approximately $158 million annually, aided by data from Chainalysis and recent GDP statistics. The revenue generated is intended to combat substance abuse in upstate New York, which has been severely affected by the opioid crisis. Steck's bill encompasses a broad range of digital transactions, including those involving NFTs and tokens obtained through mining or staking. The New York Department of Financial Services did not provide detailed transaction data, leading to estimates based on overall crypto activity in the U.S. The proposal follows increased scrutiny of the crypto industry, particularly after high-profile incidents like the collapse of the FTX exchange. The bill reflects ongoing discussions nationally regarding how to effectively regulate and tax cryptocurrencies while supporting essential services in affected communities.

Source 🔗