🗽 New York proposes a 0.2% TAX on sales and transfers of crypto assets.

Assemblyman Phil Steck introduced a bill, Assembly Bill 8966, which basically proposes a 0.2% tax on any sale or transfer of cryptocurrencies and NFTs. Yes, that's right: every time someone moves crypto, they would pay that percentage.

If approved, it would go into effect on September 1, 2025, and the funds raised would be used for addiction prevention and treatment programs in schools in the northern part of the state. So, it's not just a random tax; it has a social purpose, but it still affects all crypto activity in New York.

The market's reaction is still fresh, but given that New York is one of the largest financial and fintech hubs, any movement like this can cause traders to quickly adjust their strategies.

In short: new tax burden for crypto, which can also influence prices and local activity.