Both parties promote the PACE Act, planning to open the Federal Reserve's payment network to non-banks.

Odaily Planet Daily News: PACE Act proposed by bipartisan U.S. lawmakers aims to allow compliant non-bank payment institutions to directly access the Federal Reserve’s payment system, gaining 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 pathway for payment companies, and requires them to maintain 1:1 reserves, meet risk control standards, and comply with record-keeping requirements. Qualified 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, making transfer experiences as simple as sending a text message. Industry experts believe this move could break the traditional banking monopoly over underlying payment infrastructure, open key channels for stablecoins and crypto payment companies, and further promote openness and competition in the financial system.