New York State Congressman: Stablecoins should not be exempt from the new cryptocurrency tax

ChainCatcher news, 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 cryptocurrency to use it as currency, I don't think any tax exemption should be granted," he said on Tuesday. "Frankly, I don't see how cryptocurrency can replace dollar bills in everyday transactions."

Last week, Steck estimated that imposing a 0.2% cryptocurrency transaction tax in New York State could generate $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.