XBRL US argues that digital assets need digital reporting
XBRL US has responded to the National Credit Union Administration’s (NCUA) proposals for stablecoin issuance under the GENIUS Act with a recommendation that should be uncontroversial: if a new class of financial instrument is going to be reported on, it should be reported digitally, from the very first filing.
Reserve composition reports, quarterly financials and the confidential weekly submissions should each be prepared in XBRL against an agreed taxonomy, aligned with the semantic data model already established under the Financial Data Transparency Act Joint Standards, with Legal Entity Identifiers (LEIs) attached throughout.
Stablecoin oversight is being written on a blank page, simultaneously across several federal agencies, a circumstance rare enough in financial regulation that it seems wasteful not to harness it. Most reporting regimes arrive at structured data the long way round: following years of PDFs, incompatible formats, and then a retrofit of digital reporting. The NCUA has the chance to skip that, starting reporting digitally from the get go.
Structured reporting has a practical offer here. Tag a reserve figure in XBRL and it is associated with the currency, the date, the issuer’s LEI, where the asset is held and which security it is. Anyone asking what backs a given stablecoin and who is holding it gets an answer they can check. Useful data, all machine-readable, all in one place.
Read the full comment letter here.
