XBRL US submitted a comment letter to the Federal Deposit Insurance Corporation (FDIC) in response to their Reporting Forms and Instructions Associated with Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers. The XBRL US comment recommended that the FDIC:
- Require issuer applications and ongoing disclosures to be prepared in digital, machine-readable format for economies of scale and good quality data.
- Ensure that data collected about digital asset issuers is optimized for use with artificial intelligence.
- Require use of the LEI (Legal Entity Identifier, ISO 17442).
- Leverage existing digital data collection programs like the SEC and FDIC programs for financial reporting in XBRL.
- Harmonize with Financial Data Transparency Act (FDTA) requirements and with digital asset reporting requirements set by other regulators like the OCC and NCUA.
- Coordinate with non-US digital asset regulations to foster industry growth.
- Stand up a program that can scale, adapt to new applications and changes in reporting requirements and use cases, and support evolving AI capabilities.
- Encourage standardization in the creation and deployment of digital assets.
- Require disclosure of mining and validation activities by PPSIs and their affiliates.
- Develop standardized technical protocols for blockchain communication in collaboration with other regulators so that information between blockchains can flow freely and unambiguously.
The rule provides instructions and sample reports which are published as text documents, however the proposed rule notes, “…the FDIC expects to use structured formats (e.g., XML, JSON, or CSV/XBRL, etc.) to improve the usability of submitted data. The FDIC seeks comment on which format would be most effective for PPSI submissions.” The forms proposed by the FDIC are:
- Form PS-01: https://www.fdic.gov/federal-register-publications/form-ps01.pdf. Instructions:https://www.fdic.gov/federal-registerpublications/ps-01-instructions.pdf
- Form PS-01a: https://www.fdic.gov/federal-register-publications/form-ps01a.pdf. Instructions: https://www.fdic.gov/federal-registerpublications/ps-01a-instructions.pdf
- Form PS-02: https://www.fdic.gov/federal-register-publications/form-ps-02.pdf. Instructions:https://www.fdic.gov/federal-register-publications/ps-02-instructions.pdf.
Read the XBRL US letter: XBRL US Letter Reporting Forms and Instructions for FDIC Supervised Permitted Payment Stablecoin Issuers OMB 3064-0225
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