Bipartisan push forward the PACE bill, which aims to open the Federal Reserve's payment network to non-banks.

The PACE Act, introduced by bipartisan lawmakers in the United States, aims to allow compliant non-bank payment institutions direct access to the Federal Reserve's payment system, garnering support from the crypto industry. The bill will establish a federal framework overseen by the Office of the Comptroller of the Currency, providing a unified registration path for payment companies and requiring them to maintain 1:1 reserves and meet risk control and record-keeping compliance requirements. Eligible institutions will be able to access core payment networks such as Fedwire, FedNow, and FedACH. The legislative goal is to reduce payment costs, improve speed and reliability, and make the transfer experience as simple as sending a text message. Industry observers believe this move could break the traditional banks' monopoly on underlying payment infrastructure, opening a crucial channel for stablecoins and crypto payment companies, and further promoting openness and competition in the financial system.