Representatives Young Kim and Liccardo have introduced the bipartisan PACE Act, aiming to establish a national payments license for fintech and cryptocurrency companies. The proposed legislation would allow regulated state depository institutions and credit unions involved in money transmission to operate under a new framework managed by the Office of the Comptroller of the Currency (OCC). This framework would enable these institutions to access Federal Reserve payment services, aligning with the "skinny master accounts" concept previously accessed by Kraken. The bill also centralizes decision-making authority for skinny master account applications with the Federal Reserve Board, rather than individual Reserve Banks. Additionally, it seeks to lower consumer costs by reducing bank fees associated with accessing ACH services. Representative Liccardo emphasized the potential for the PACE Act to modernize payment systems, offering cheaper, faster, and more reliable services to American families.