New York State Assemblyman Phil Steck has proposed a bill to impose a 0.2% sales tax on cryptocurrency transactions statewide, which is expected to generate an additional $158 million annually. The funds will be used for drug prevention and intervention programs in schools in Northern New York. This tax covers digital assets such as NFTs, mining and staking earnings, and stablecoins. Currently, eight states, including New York and California, treat cryptocurrencies as cash equivalents for tax purposes and have imposed capital gains tax, gift tax, and estate tax on digital assets. (Decrypt)