New York Assembly Member Proposes 0.2% Tax on Crypto Transactions

Assemblymember Phil Steck proposes a new 0.2% excise tax on all cryptocurrency transactions within New York State, aiming to fund substance abuse prevention programs in schools. The bill targets digital assets including Bitcoin, Ethereum, and various altcoins. While the bill’s potential impact on crypto markets is yet to be determined, it has sparked speculation about a possible exodus of businesses from New York, reminiscent of past regulatory changes in the industry. This proposal comes as New York remains a prominent hub for fintech innovation.