US bill proposes direct Fed payment access for fintech, crypto firms

The PACE Act has been introduced in the U.S. Congress to allow fintech and cryptocurrency firms direct access to Federal Reserve payment services, Crypto-in-America host Eleanor Terrett reported on X. The legislation aims to lower consumer fees by enabling companies with a license from the U.S. Office of the Comptroller of the Currency (OCC) to provide direct payment services without going through complex banking steps. The bill also specifies that the Federal Reserve Board of Governors would directly exercise the authority to approve these accounts.