New York State Assemblyman: Stablecoins Should Not Be Exempt from New Cryptocurrency Taxes

According to Jinse Finance, New York State Assemblyman Phil Steck stated that the cryptocurrency transaction tax he proposed will not be amended to accommodate the use of stablecoins in everyday payments. "If you purchase cryptocurrency to use it as money, 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 daily transactions." Last week, Steck estimated that imposing a 0.2% cryptocurrency transaction tax in New York State could generate $158 million in annual revenue, which could be used to help schools in upstate New York address substance abuse issues by providing funding to expand existing support programs.