U.S. Representative Introduces the “PACE Act” to Open Federal Reserve Payment Channels to Eligible Companies

According to CoinDesk, U.S. Representatives have introduced the “PACE Act,” aimed at modernizing the U.S. payment system. The bill would allow qualified companies direct access to the Federal Reserve’s payment rails to reduce payment delays, lower transaction fees, and accelerate fund transfers for consumers and businesses. The report notes that the proposal has garnered support from fintech and cryptocurrency groups, with the goal of making the payment system faster, lower-cost, and more competitive.