"Hardworking Americans shouldn't have to wait days to access their own money or pay extra just to move it. The current system is outdated. PACE Act modernizes our system to deliver faster payments, lower costs."
"We can reduce the burden of bank fees borne by too many American families by enabling broader access to innovative payment systems. Expanding access could improve competition and reduce those burdens."
"Advocates argue the bill could level the playing field by allowing regulated payment providers, including crypto-linked companies, to operate more efficiently. For too long, digital asset payment companies have been locked out."
The PACE Act, introduced by U.S. Reps. Young Kim and Sam Liccardo, seeks to modernize the U.S. payment infrastructure. It allows qualified nonbank payment firms direct access to Federal Reserve systems, eliminating intermediaries that increase costs and slow transactions. The bill aims to enhance competition and reduce fees for consumers and businesses. Industry groups, including those representing fintech and digital asset firms, support the legislation, believing it will enable more efficient operations for regulated payment providers, including crypto-linked companies.
Read at news.bitcoin.com
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