TechFlame News: The PACE Act, proposed by bipartisan U.S. lawmakers, aims to allow compliant non-bank payment institutions direct access to the Federal Reserve's payment system, garnering support from the cryptocurrency industry.

The bill would establish a federal framework overseen by the Office of the Comptroller of the Currency, providing a unified registration pathway for payment companies and requiring them to maintain 1:1 reserves while meeting risk control and compliance record-keeping requirements. Eligible institutions would gain access to core payment networks such as Fedwire, FedNow, and FedACH.

The legislative goal is to reduce payment costs, enhance speed and reliability, and make the transfer experience as simple as "sending a text message." Industry perspectives suggest that this move could break the monopoly of traditional banks over underlying payment infrastructure, opening a critical pathway for stablecoins and crypto payment companies, thereby further promoting openness and competition in the financial system.