New York Assemblymember Phil Steck proposed legislation to impose a 0.2% excise tax on cryptocurrency transactions, aiming to generate an estimated $158 million annually. This tax revenue would support substance abuse prevention programs in upstate New York, addressing the opioid epidemic that has plagued many communities. The bill, introduced as A0966, relies on data from Chainalysis and state GDP statistics to project potential revenue from crypto investors. Steck, who chairs the Committee on Alcoholism and Drug Abuse, emphasized the necessity of funding for intervention programs, especially in light of rising drug overdose fatalities. The legislation also aims to widen the tax base to include transactions involving NFTs, digital assets from mining, and stablecoins, amidst ongoing scrutiny of the cryptocurrency industry following notable scandals. This initiative follows a broader trend, as other states like Wyoming explore similar tax frameworks to support education funding through cryptocurrency-related revenues.

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