New York Seeks to Fund Substance Abuse Programs with Digital Asset Tax

A bill aiming to reshape the digital asset landscape in New York is advancing a new 0.2% excise tax on all transactions involving cryptocurrencies and blockchain-based assets. Introduced by Assembly member Phil Steck, this proposal mandates that revenue generated from this tax be directed specifically toward substance abuse prevention programs for schools in upstate New York starting September 1, 2025. This linkage aims to ensure long-term support for a critical issue impacting young communities.