2026-04-22 02:02:00
U.S. House Introduces PACE Act to Grant Qualified Digital Asset Firms Direct Access to Federal Reserve Payment System
The PACE Act would let qualified digital asset and fintech firms access the Fed's payment system, aiming to cut delays and costs through direct Fed access, with regulatory safeguards and consumer protections.
Abstract: The U.S. House introduced the Payments Access and Consumer Efficiency (PACE) Act to allow qualified digital asset, fintech, and other service providers to connect directly to the Federal Reserve's payment system. The bipartisan bill, by Reps. Young Kim and Sam Redo, aims to cut delays and fees by enabling direct Fed access under OCC oversight, with streamlined registration, consumer protections, supervisory enforcement, and bankruptcy provisions. Industry advocates argue that direct access would foster faster, cheaper, and more competitive payment services while maintaining safeguards for innovation.