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New York Assemblymember Phil Steck has proposed a 0.2% excise tax on cryptocurrency transactions, aiming to generate $158 million annually to combat substance abuse in upstate communities. The bill targets crypto investors and includes NFTs, mining rewards, and stablecoins. Revenue would expand school-based prevention programs amid the opioid crisis.
- Bill A0966 imposes a 0.2% tax on crypto transactions, including NFTs and mining rewards, to fund opioid crisis programs in upstate NY schools.
- Steck estimates $158M annual revenue using Chainalysis data, adjusted for NY’s GDP share, despite lacking DFS transaction figures.
- The memo highlights crypto’s fraud risks (e.g., Gemini’s $50M settlement) and mining’s environmental impact as justification for the tax.
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