Representatives Sam Liccardo (D-Ca) And Young Kim (R-Ca) Have Introduced A Bipartisan Bill That Would Give Qualified Nonbank Payment Companies, Including Digital Asset Firms, Direct Access To Federal Reserve Payment Systems.

The Payments Access and Consumer Efficiency Act, or PACE Act, would allow companies holding 40 or more state money transmitter licenses to opt into a uniform federal framework under oversight from the Office of the Comptroller of the Currency.

The bill includes consumer protection provisions requiring that customer funds be fully backed, kept separate from company assets, and shielded in the event of insolvency. It also sets streamlined federal registration requirements and firm deadlines for government review.

The legislation has drawn support from several industry groups, including the Blockchain Association, The Digital Chamber, Crypto Council for Innovation, and the Financial Technology Association.

Blockchain Association CEO Summer Mersinger said digital asset payment companies "have been locked out of the same financial infrastructure that their competitors have access to."

The bill's introduction comes on the same day the UK Treasury opened a consultation on integrating stablecoins and tokenized deposits into core payment rules, pointing to a broader global trend of regulators looking to bring crypto-native payment firms into formal settlement infrastructure.