New York's state legislators have introduced Assembly Bill 8966 to impose a 0.2% cryptocurrency excise tax to fund substance abuse prevention programs in schools.
Bill Overview
Assembly Bill 8966 proposes a 0.2% excise tax on cryptocurrency transactions aimed at funding prevention initiatives in schools, set to commence in September 2025.
Tax Objectives
The tax aims to support substance abuse programs in New York schools, especially in upstate areas. Phil Steck, the bill's sponsor, emphasizes the importance of such programs for students' health and well-being.
Market Reaction and Potential Impact
Despite the proposal, no significant changes in trading volumes or blockchain activity have been observed. The tax could affect trading behaviors and compliance costs for exchanges operating in New York.
New York's proposed cryptocurrency tax represents a unique legislative step that may influence regulatory trends both within the state and across the nation.
