New York Eyes Crypto Windfall: Lawmakers Push Tax to Fund Education Revolution
New York's legislature is betting on digital assets to bankroll the future—whether crypto traders like it or not.
Taxing the token boom
State lawmakers just dropped a proposal to slap a levy on cryptocurrency transactions, funneling proceeds into underfunded school programs. No specifics yet on rates or implementation, but the move signals a growing trend of governments treating DeFi like a political ATM.Wall Street’s blockchain irony
Meanwhile, traditional finance giants keep lobbying against crypto regulation—while quietly hoarding BTC ETFs. The hypocrisy is almost as rich as their balance sheets.Will this trigger a miner exodus or become a blueprint for other states? Either way, New York just turned crypto’s ‘tax-free’ narrative into a taxable event.
Global push for crypto tax
New York’s MOVE comes amid a broader global trend toward tighter oversight of crypto markets.
In India, authorities recently uncovered roughly $72 million in unreported income tied to digital asset transactions.
Due to this, the authorities issued more than 44,000 notices to individuals and companies that failed to declare crypto-related earnings. Officials say the effort aims to improve transparency and foster a stronger tax compliance culture.
Similarly, the United Kingdom is set to require digital asset service providers to submit customer transaction data to HM Revenue & Customs (HMRC) starting in 2026.
According to the authorities, this information is part of a broader strategy to enhance transparency in the digital asset economy.
Crypto tax obligations
Meanwhile, tax professionals caution that the current bullish market could lead to higher tax liabilities for traders and investors.
Recently, Bitcoin and Ethereum prices have rallied to new highs that have attracted significant interest to the sector.
Considering this, Lee Murphy, Managing Director at The Accountancy Partnership, told CryptoSlate that many investors believe crypto sits in a legal grey area for taxation.
However, he stressed that digital assets should be treated like other taxable assets, with obligations triggered by sales, swaps, purchases, or gifts.
