New York’s 0.2% Crypto Tax Push Sparks Fears of a Market Sell-Off
New York may soon add another chapter to its already strict crypto regulation playbook. Assembly Bill 8966, introduced by Democratic Assembly member Phil Steck, proposes a 0.2% excise tax on all crypto and NFT transactions, including Bitcoin, Ethereum, and stablecoins.
If approved, the crypto tax would take effect on September 1, applying to both individuals and institutions trading digital assets in the state.
Though 0.2% might seem small, the cumulative impact on high-frequency traders and large-scale transactions could be significant. A $50,000 Bitcoin sale, for example, would incur a $100 tax.
The revenue, however, wouldn’t just go to the state’s general fund, it would be earmarked for substance abuse prevention and…
