Bipartisan PACE Act Proposes Opening Federal Reserve Payment Networks to Non-Banks

Gate News message, April 21 — The PACE Act, introduced by bipartisan U.S. lawmakers, aims to allow compliant non-bank payment institutions direct access to the Federal Reserve’s payment systems, garnering support from the crypto industry.

The legislation would establish a federal framework overseen by the Office of the Comptroller of the Currency (OCC), providing a unified registration pathway for payment companies while requiring them to maintain 1:1 reserves and meet risk control and compliance standards. Eligible institutions would gain access to core payment networks including Fedwire, FedNow, and FedACH.

The legislative goal is to reduce payment costs, improve speed and reliability, and make transfers as simple as sending a text message. Industry observers believe this move could break traditional banks’ monopoly over underlying payment infrastructure, opening a critical gateway for stablecoins and crypto payment companies while advancing financial system openness and competition.