PANews reported on August 21 that New York State Assemblyman Phil Steck proposed a 0.2% tax on all cryptocurrency transactions within the state, expected to generate an additional $158 million annually to support schools in combating drug abuse. Steck explicitly stated that stablecoins will not be exempt, and high-frequency trading will also be subject to the tax. The bill will also impose taxes on transfers between users' own accounts, raising industry concerns about regulatory details and potential controversies. If passed, the bill will take effect immediately and has not yet entered the legislative discussion stage.