New York Proposes Cryptocurrency Sales Tax to Fund Schools
The post New York Proposes Cryptocurrency Sales Tax to Fund Schools appeared on BitcoinEthereumNews.com.
Key Points: New York proposes 0.2% crypto sales tax for school funding. Expected annual revenue is $158 million. Impacts crypto exchanges and NFT markets. On August 16th, New York Assemblyman Phil Steck proposed a 0.2% sales tax on cryptocurrency trades, aiming to raise $158 million annually for upstate school drug programs. The proposal could redirect trading volumes outside New York, impacting digital asset liquidity and prompting strategic reevaluation by exchanges and brokers. Assembly Bill 8966 Targets $158M Revenue from Crypto Transactions Assemblyman Phil Steck introduced Assembly Bill 8966 to implement a 0.2% sales tax on cryptocurrency and NFT transactions. The revenue is earmarked for upstate New York schools to prevent drug abuse. This applies to all digital asset transactions. The tax could generate $158 million annually, affecting cryptocurrency exchanges and marketplaces within New York. Stakeholders anticipate adjustments in operations to manage this new financial burden effectively. Reactions remain cautious, with no major public statements from key industry figures or affected companies. The legislative process will determine the final impact on New York’s cryptocurrency ecosystem. Historical Trends and Market Strategy Shifts in New York’s Crypto Scene Did you know? New York’s earlier BitLicense in 2015, imposing stringent compliance, caused several exchanges to exit the state, highlighting the nuanced balance between regulation and innovation in crypto markets. Bitcoin (BTC) stands at $117,627.85, with a market cap of $2.34 trillion as per CoinMarketCap’s latest update. Within the last 24 hours, BTC has shown a marginal decline of 0.55%, despite a 7-day 0.81% increase. The 24-hour trading volume decreased by 32.70% to $68.7 billion. These figures emphasize BTC’s dominance, affecting its pricing. Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 00:32 UTC on August 16, 2025. Source: CoinMarketCap Coincu’s research suggests potential shifts in market sentiment as exchanges may revise strategies to adapt to the…
Filed under: News - @ August 16, 2025 1:23 am