XBRL US commented on the National Credit Union Administration (NCUA) GENIUS Act proposed rule which describes the operational and risk management standards for an NCUA-licensed permitted payment stablecoin issuer, making the following recommendations:
- Require disclosures from stablecoin issuers, both publicly posted data as well as disclosures submitted confidentially to the regulator only, to be prepared in structured, machine-readable (XBRL) format following an agreed-upon taxonomy to improve the quality, timeliness, and functionality of data, and to reduce the cost of data management and analysis.
- Align with other GENIUS Act regulators and with requirements set in the Financial Data Transparency Act (FDTA) Joint Data Standards by adhering to the same semantic data model for all reported information. This will ensure interoperable data, keep costs for issuers, agencies, and data users low, and minimize time-consuming cross-agency interaction (e.g., standing committees, working groups, etc.) to coordinate the collaborative process.
- Ensure that other NCUA submitted data such as the credit union Call Report (Form 5300) is prepared in XBRL to meet the requirements of the FDTA, eliminate duplicate reporting for those stablecoin issuers that also submit the Call Report, and reduce the cost of regulation by making data easier to collect, extract, manage, and analyze.
- Ensure that disclosures reported are optimized for use with artificial intelligence. AI is now a standard tool in our day-to-day work and operates most efficiently and accurately when used with structured, standardized data. Efficiency in AI use is increasingly important as AI costs rise. Accuracy is critical when AI is used to query and extract information from time-sensitive, complex financial data.
- Require the use of the Legal Entity Identifier (LEI) to establish clear provenance and address business risk, illicit finance, and money laundering issues.
Read the letter: XBRL US NCUA Proposed Rule 2026 - 1024_7_17_2026
