In brief
- New York State Assemblymember Phil Steck proposed a 0.2% excise tax on cryptocurrency transactions.
- He estimates that the tax would generate $158 million annually, based on Chainalysis data from 2022 to 2023 and recent GDP statistics.
- The revenue would help combat substance abuse in upstate New York.
New York Assemblymember Phil Steck introduced legislation on Wednesday that would generate sweeping tax revenues from cryptocurrency transactions across the state.
Under Bill A0966, the Empire State would immediately impose a 0.2% excise tax on crypto transactions, using the proceeds to help schools combat substance abuse in upstate New York, where the opioid epidemic has severely impacted communities for years.
In a bill memo shared…
Aug 16 2025
