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New York State Assemblyman: Stablecoins Should Not Be Exempt from New Cryptocurrency Taxes
Summary: In a recent announcement, New York State Assemblyman Phil Steck stated that his proposed cryptocurrency transaction tax will not be modified to accommodate the use of stablecoins in everyday payments. 'If you are buying cryptocurrency to use it as currency, I don't think there should be any exemptions,' he said on Tuesday. 'Frankly, I don't ...
In a recent announcement, New York State Assemblyman Phil Steck stated that his proposed cryptocurrency transaction tax will not be modified to accommodate the use of stablecoins in everyday payments. 'If you are buying cryptocurrency to use it as currency, I don't think there should be any exemptions,' he said on Tuesday. 'Frankly, I don't see cryptocurrency replacing dollar bills in everyday transactions.' Last week, Steck estimated that imposing a 0.2% tax on cryptocurrency transactions in New York State could generate $158 million in revenue annually, which could be used to help schools in the northern part of the state address drug abuse issues by providing funding to expand existing support programs.
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Link: New York State Assemblyman: Stablecoins Should Not Be Exempt from New Cryptocurrency Taxes [Copy]
