A new proposal in the New York State Assembly, introduced by Assembly member Phil Steck, seeks to implement a 0.2% excise tax on cryptocurrency sales and transfers. This bill, called Assembly Bill 8966, could generate revenue for school-based substance abuse prevention programs. Set to take effect on September 1, the tax would apply to digital assets, including cryptocurrencies and NFTs. While it aims to provide funding for social initiatives, it risks pushing crypto firms away from New York, which already navigates a complicated regulatory environment. The proposal’s future remains uncertain as it moves through the legislative process.
