New York lawmakers are proposing a 0.2% tax on cryptocurrency transactions, with the aim of funding substance abuse prevention programs in schools. The bill, Assembly Bill 8966, seeks implementation starting September 1, 2025, and is spearheaded by Assemblymember Phil Steck. This proposal could impact trading volumes in the state, potentially leading to market shifts to jurisdictions with lower taxes. Here’s a closer look at the key points:** The bill would impose a 0.2% excise tax on all crypto transactions, including Bitcoin (BTC), Ethereum (ETH), stablecoins, and non-fungible tokens (NFTs), without exceptions. Proceeds from this tax will directly fund substance abuse prevention programs designed to address student well-being in New York schools. The potential for market response has been highlighted by the fact that similar past regulations, like the BitLicense in 2015, had a significant impact on blockchain businesses operating within the state.