"Rep. Young Kim (R-CA) and Rep. Sam Liccardo (D-CA) introduced a bill in the House of Representatives entitled the Payments Access and Consumer Efficiency (PACE) Act. The bill seeks to modernize the payment system by allowing qualified nonbank financial companies, including certain FinTech and digital asset businesses, to directly access Federal Reserve payment infrastructure, including the Fedwire Funds Service, FedNow Service, and FedACH Services. To be eligible to participate, a company must hold a state banking or credit union charter, or it must hold at least 40 active money transmitter licenses issued under state law."