New York State Rep. Phil Steck said his proposed cryptocurrency transaction tax would not be modified to accommodate the use of stablecoins in everyday payments.
"If you buy cryptocurrency to use it as currency, I don't think there should be any tax exemptions," he said on Tuesday. "Frankly, I don't see cryptocurrencies replacing dollar bills in everyday transactions."
Last week, Steck estimated that a 0.2% cryptocurrency transaction tax in New York State could generate $158 million a year, which could be used to help schools in upstate New York cope with substance abuse by funding the expansion of existing support programs.
New York Congressman: Stablecoins should not be exempt from new cryptocurrency taxes
2025-08-21 02:59:14
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