According to Mars Finance, New York State Assemblyman Phil Steck stated that the cryptocurrency trading tax he proposed will not be modified to accommodate the use of stablecoins in daily payments. "If you buy 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 imposing a 0.2% cryptocurrency trading tax in New York State could generate $158 million annually, 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.