U.S. Congressman proposes the PACE Act to open the Federal Reserve payment channel to qualified companies

According to market news, U.S. Congressman proposed the PACE Act, aimed at modernizing the U.S. payment system.

The bill intends to allow qualified companies to directly access the Federal Reserve payment rails to reduce payment delays, lower transaction fees, and accelerate the transfer speed for consumers and businesses. Reports indicate that the proposal has received support from fintech and cryptocurrency groups, with the goal of making the payment system faster, lower-cost, and more competitive.