New York State Assemblyman Phil Steck has introduced a bill proposing a 0.2% tax on all cryptocurrency transactions within the state, including stablecoins and high-frequency trading. The tax is expected to generate $158 million annually, earmarked for schools addressing substance abuse issues. The proposal also includes taxing transfers between users' own accounts, sparking industry concerns over regulatory implications. The bill, which has not yet been debated in the legislature, would take effect immediately upon passage.