The United States has taken an important step in regulating fintech and cryptocurrency companies. Representatives Young Kim and Sam Liccardo, both Republican and Democratic, publicly announced a bipartisan bill called the "PACE Act."

The bill aims to create a new national payment processing license for fintech and crypto companies. This will provide additional regulatory frameworks for federally regulated depository institutions and credit unions that transmit funds. The Office of the Comptroller of the Currency (OCC) will oversee compliance with this framework.

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The bill also grants these institutions direct access to the Federal Reserve's payment services. This approach is consistent with the concept of "stripped core accounts," previously proposed by Federal Reserve Board member Christopher Waller. Indeed, the cryptocurrency exchange Kraken received similar access earlier this year. Under the new rules, final decision-making authority on applications for "simplified core accounts" will also be transferred from regional Federal Reserve banks directly to the Federal Reserve Board.

Another key goal of the PACE Act is to reduce transaction costs for consumers. Under the current system, tiered fees charged by banks for access to payment infrastructures, such as ACH, are passed on to end users. The new model aims to provide faster, cheaper, and more secure payment services.

In a statement on the matter, Representative Liccardo said: "We can reduce bank fees that burden many American families. Innovative payment systems that provide greater access can provide cheaper, faster, and more secure services. I'm proud to work with Young Kim to bring this bipartisan PACE Act to life."

New positive legislation for cryptocurrencies is being prepared in the US! Here's what the PACE Act contains.