PANews reported on August 21st, according to Decrypt , that New York State Assemblyman Phil Steck proposed a 0.2% tax on all cryptocurrency transactions within the state, projecting $ 158 million in annual revenue to support schools combating substance abuse. Steck clarified that stablecoins would not be exempt, and high-frequency trading would also be subject to the tax. The bill would also tax transfers between users' own accounts, raising concerns within the industry about regulatory details and potential controversy. If passed, the bill would take effect immediately and has not yet entered the legislative debate stage.