From the LC website:
textMD is a XML Schema that details technical metadata for text-based digital objects. It most commonly serves as an extension schema used within the Metadata Encoding and Transmission Schema (METS) administrative metadata section. However, it could also exist as a standalone document. In the future textMD can be used within the PREMIS element, additionalTechnicalCharacteristics, an extension for format-specific metadata within the PREMIS preservation metadata Object XML Schema version 2.0.
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