by: xpoolPosted on:

New York Legislator Proposes Cryptocurrency Transaction Tax to Fund Drug Abuse Prevention

A proposed tax on cryptocurrency transactions within New York state aims to generate funds for drug abuse prevention programs. State legislator Phil Steck has introduced a bill that would levy a 0.2% fee on all cryptocurrency transactions. The initiative, designed to secure an estimated $158 million annually, would also cover transfers between individual users’ accounts and high-frequency trading. However, the bill’s inclusion of stablecoin taxation has raised concerns among industry leaders regarding regulatory clarity and potential conflicts related to the tax implementation.

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