ChainCatcher News, New York State Assemblyman Phil Steck stated that the cryptocurrency transaction tax he proposed will not be modified to accommodate the use of stablecoins in everyday payments.

"If you are buying cryptocurrency to use it as currency, I don’t think there should be any tax exemption," he said on Tuesday. "Frankly, I don’t see how cryptocurrency can replace dollar bills in everyday transactions."

Last week, Steck estimated that a 0.2% cryptocurrency transaction tax in New York State could generate $158 million in annual revenue, which could be used to help schools in Northern New York address drug abuse issues by providing funding for the expansion of existing support programs.