Bipartisan PACE Act looks to open Fed payment rails to nonbanks, draws crypto support
The Block
U.S. representatives introduced the PACE Act to grant nonbank payment providers access to Federal Reserve payment rails, earning support from the crypto industry.Summary
Representatives Sam Liccardo and Young Kim have introduced the Payments Access and Consumer Efficiency (PACE) Act, a bipartisan bill designed to modernize the U.S. payment system. By establishing a federal supervisory framework under the Office of the Comptroller of the Currency, the bill would allow qualified nonbank payment service providers to access key Federal Reserve infrastructure, including Fedwire, FedNow, and FedACH. Proponents, including the Crypto Council of Innovation and the Blockchain Association, argue that the legislation will foster competition, lower costs, and increase efficiency for American consumers by enabling nonbank firms to utilize the same payment rails as traditional banks.
(Source：The Block)