[New York State Legislator Opposes Stablecoin Exemption from Crypto Tax] New York State Assemblyman Phil Steck stated that the cryptocurrency transaction tax he proposed would not exempt stablecoins used for daily payments. He believes that cryptocurrencies should not enjoy tax-free status and questioned their ability to replace the U.S. dollar. Steck estimated that a 0.2% transaction tax could generate $158 million annually for New York State, which would be used to support drug abuse prevention programs in northern schools.