U.S. Lawmakers Introduce PACE Act to Modernize Payment Systems

U.S. lawmakers have introduced the Payment and Settlement System Act (PACE Act) to modernize the country's payment systems. According to BlockBeats, the legislation aims to allow eligible companies direct access to the Federal Reserve's payment system, which is expected to reduce delays, lower costs, and expedite fund transfers for consumers and businesses. The proposal has garnered support from fintech and cryptocurrency communities, aiming to make payments faster, cheaper, and more competitive.