New York lawmakers have proposed a 0.2% sales tax on cryptocurrency transactions, potentially raising $158 million in tax revenue annually.

New York State Assemblyman Phil Steck has proposed imposing a 0.2% excise tax on cryptocurrency transactions, with the proceeds going to schools in upstate New York to help combat substance abuse. Chainalysis estimates the tax would bring in $158 million annually, based on 2022-2023 data and recent GDP statistics.