U.S. Lawmakers Introduce PACE Act to Modernize Payment Systems for Nonbank Providers
What happened
The PACE Act was introduced by Representatives Young Kim and Sam Liccardo to enhance access to federal payment systems for nonbank providers.
The Context
- The bill proposes a national payments license for fintech and crypto firms.
- It aims to cut transaction fees and delays in digital payments.
- Support from various crypto groups highlights the demand for improved access to payment infrastructure.
Takeaway
If passed, the PACE Act could significantly alter the landscape of digital payments by enhancing competition and efficiency.
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