New York legislator proposes a tax on cryptocurrency transactions to fund drug abuse prevention
According to PANews, New York State legislator Phil Steck has proposed a 0.2% tax on all cryptocurrency transactions within the state. The initiative aims to generate approximately $158 million per year to support schools in the fight against drug abuse. Steck specified that stablecoins will not be exempt from this tax and that it will also apply to high-frequency trading. Additionally, the bill includes a tax on transfers between users' own accounts, raising concerns within the industry regarding regulatory details and potential litigation. If adopted, the legislation would take effect immediately, although it has not yet been discussed within the legislative body.
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