Lawmaker Who Opposed CLARITY Act Unveils Bipartisan Bill For National Fintech, Crypto License

Sam Liccardo (D), a California Congressperson who previously voted against the CLARITY Act, introduced a bipartisan bill on Tuesday to create a national payment framework for fintech and crypto firms.

According to the StandWithCrypto report, a Coinbase (COIN) initiative, Liccardo voted against the Digital Asset Market Clarity Act (CLARITY Act) in July last year but did vote for the GENIUS Act.

The new bipartisan bill, co-introduced by Liccardo and Young Kim (CA-40) and named the Payments Access and Consumer Efficiency (PACE) Act of 2026, aims to enable qualified businesses to register as "covered providers" with the Office of the Comptroller of the Currency (OCC). This would allow them to operate across state lines under a single federal system instead of relying on disjointed state-level licensing regimes.

Along with imposing stringent requirements such as 1:1 reserve backing, risk management guidelines, and consumer protection measures, the bill also proposes allowing authorized businesses to access Federal Reserve payment infrastructure, including Fedwire, FedNow, and ACH.

“We can reduce the burden of bank fees borne by too many American families by enabling broader access to innovative payment systems that deliver cheaper, faster, more reliable service,” Rep. Liccardo said in a statement. “I’m proud to partner with Young Kim on this bipartisan PACE Act, to modernize our payment system for the benefit of millions of cash-strapped Americans.”

The legislation could directly impact regulated stablecoin issuers like Circle (CRCL), the issuer of USDC, by providing clearer pathways to operate within the U.S. financial system and access federal payment infrastructure. 

Retail sentiment around USDC remained in the ‘bearish’ zone, with ‘low’ chatter levels on Stocktwits.

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