#GENIUSActPass

The *Genius Act*, introduced in the U.S. Senate, aims to overhaul the tax system for digital asset transactions. Key points include:

- *Definition of Brokers*: Excludes certain parties like crypto miners and stakers from the definition of brokers.

- *De Minimis Exemption*: Provides a $200 de minimis exemption for certain crypto transactions, offering relief to small transactions.

- *Tax Reporting*: Requires brokers to report gross proceeds for digital asset sales, with detailed reporting for transactions over $10,000.

- *Industry Support*: Backed by industry leaders like Coinbase, the bill aims to provide clarity and relief for the digital asset sector.

- *Legislative Progress*: The bill has advanced to the Senate Finance Committee, marking a significant step forward in crypto regulation.