New York State Congressman: Stablecoins should not be exempt from new Crypto Assets tax

Golden Finance reports that New York State Assemblyman Phil Steck stated that the cryptocurrency transaction tax he proposed will not be modified to accommodate the use of stablecoins in everyday payments. “If you buy Crypto Assets to use them as currency, I don’t think any tax exemption should be granted,” he said on Tuesday. “Frankly, I don’t see how Crypto Assets can replace dollar bills in everyday transactions.” Last week, Stak estimated that a 0.2% tax on Crypto Assets transactions in New York State could bring in $158 million annually, which could be used to help schools in upstate New York address drug abuse issues by funding the expansion of existing support programs.