On April 21, 2026, the U.S. Congress accepted a bipartisan bill called Payment Access and Consumer Efficiency (PACE), sponsored by Representative Sam Licciardo and Representative Young Kim. The bill aims to modernize the country’s payments infrastructure and allow fintech and cryptocurrency companies regulated access to the Federal Reserve’s payments system.
The proposal, which is in the submission and allocation process, comes amid growing debate about the inefficiencies of the United States’ current payments system..digital transfers often go through multiple intermediaries to complete, resulting in delays and increased costs for users and businesses. Lawmakers argue that this structure limits competition and slows the introduction of faster payment solutions.
The PACE Act establishes a simplified federal registration framework for eligible payment companies and authorizes the use of certain providers. Direct access to the Federal Reserve payment system under the supervision of Office of the Comptroller of the Currency (OCC). The project also requires that user funds are fully backed, segregated from corporate assets, and cannot be reused or exposed to operational risk.
Among its provisions, the initiative: Includes an enhanced supervision scheme with regular audits Federal regulators and consumer protection mechanisms in bankruptcy prioritize the return of funds. Additionally, we are considering the possibility of direct access to certain federal payment rails for approved entities that meet established requirements.
suggestion Supported by organizations in the fintech and cryptocurrency industriesthe Blockchain Association and the Financial Technology Association highlight its potential to reduce costs and improve payment efficiency in the United States.
The push for the PACE Act is part of an already ongoing discussion about fintech and crypto companies’ access to the Federal Reserve’s payments infrastructure, an area in which the central bank itself has so-called payment account (payment account), a number that allows entities other than banks to have limited and supervised access to the federal payment system.
(Tag Translate) Cryptocurrency
