Bipartisan PACE Act Seeks Fed Rail Access for Crypto Firms

• Bipartisan PACE Act would let qualified payment firms seek access to Fed payment rails.
• Lawmakers said the crypto bill could reduce payment delays and lower costs for users.
• The measure includes consumer safeguards and supports access for qualified nonbank firms.

U.S. Representatives Young Kim and Sam Liccardo introduced a crypto bill on Thursday. The measure would let qualified payment firms seek direct access to Federal Reserve payment rails. Lawmakers said the proposal is meant to speed up payments and reduce costs for consumers and small businesses.

The bill is called the Payments Access and Consumer Efficiency Act, or the Bipartisan PACE Act. The lawmakers announced it in a press release. They said the current payment system has too many layers.

Bipartisan PACE Act Backs Faster Payment Access

According to the release, those layers slow money transfers an…

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