Summary
- U.S. lawmakers introduced the PACE Act, which would allow fintech and digital-asset companies direct access to the Federal Reserve’s payment system.
- The bill aims to simplify the payments system and lower consumer fees by allowing companies with OCC licenses to provide payment services without going through traditional banks.
- Markets are watching whether passage of the bill would weaken the boundary between the traditional financial system and the digital-asset industry, with legislative progress and changes in regulation seen as key variables.
Forecast Trend Report by Period
U.S. lawmakers have introduced a bill that would allow fintech and cryptocurrency companies to access the Federal Reserve’s payment system directly, opening a new front in the debate over broader access to financial infrastructure.
Eleanor Terrett, host of Crypto In America, reported on April 21 that the PACE Act would give fintech and crypto firms direct access to Fed payment services.
At the center of the bill is a provision that would let companies operating under Office of the Comptroller of the Currency licenses provide payment services without relying on traditional banks.
The measure aims to simplify the payments system and lower fees for consumers.
It also specifies that the Federal Reserve Board would directly exercise authority over account approvals.
Market participants are focused on whether the bill, if passed, would blur the boundary between the traditional financial system and the digital-asset industry. The path of the legislation and any regulatory changes remain key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
