New York Assemblymember Phil Steck has proposed Bill A0966, which aims to impose a 0.2% excise tax on cryptocurrency transactions throughout the state. Steck estimates that this initiative could generate approximately $158 million annually, as per data from Chainalysis and recent GDP statistics. The generated revenue is intended to fund substance abuse prevention and intervention programs in upstate New York, where the opioid crisis has been a significant concern. Steck emphasized the bill's broad scope, covering NFTs, mined and staked digital assets, and stablecoins. The New York Department of Financial Services has reported overseeing over 845 million cryptocurrency transactions, though specific dollar figures were not disclosed. The legislation reflects a growing trend among states to capitalize on the booming cryptocurrency market to fund essential public services, contrasting with other states like Wyoming, which are pursuing their own crypto initiatives to support education.

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