New York Congressman Phil Steck said his proposed cryptocurrency transaction tax would not be modified to accommodate the use of stablecoins in everyday payments.

“If you’re buying cryptocurrency to use it as money, I don’t think there should be any tax exemptions,” he said on Tuesday. “Frankly, I don’t see how cryptocurrency can replace dollar bills in everyday transactions.”

Last week, Steck estimated that a 0.2% tax on cryptocurrency transactions in New York State could generate $158 million annually, which could be used to help schools in upstate New York combat substance abuse by funding the expansion of existing support programs. (Decrypt)