PANews reported on April 22 that, according to The Block, U.S. Democratic Representative Sam Liccardo and Republican Representative Young Kim jointly introduced the Payment Access and Consumer Efficiency Act (PACE Act), which aims to allow eligible non-bank payment service providers access to the Federal Reserve's payment systems, including the Fedwire settlement system, the instant payment service FedNow, and the payment processing service FedACH. The bill will establish an optional federal regulatory framework managed by the Office of the Comptroller of the Currency (OCC), requiring providers to maintain a 1:1 reserve and meet risk and record-keeping standards. Industry organizations in the cryptocurrency sector expressed support, with the CEO of the Blockchain Association calling it "an important step." Currently, digital asset payment companies have long been excluded from financial infrastructure accessible to their competitors. The Crypto Innovation Council stated that it will promote responsible payment innovation.
The U.S. bipartisan PACE Act proposes to open access to the Federal Reserve's payment system, garnering support from the cryptocurrency industry.
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