UIGEA Delayed – Play On
Written by Renee K | Friday, November 27th, 2009
As reported by Roger a couple days ago on our US updates page, early, unconfirmed reports are circulating that the US Treasury Department is expected to delay the implementation of the Unlawful Internet Gambling Enforcement Act by six months.
The UIGEA was due to kick in on December 1st, whereby banks would be expected to halt all online poker transactions, as well as casino gambling transactions, through credit cards.
While a hearing on the delay in implementation was scheduled for December 3rd, 2009, it has been reported by some websites that their sources have revealed the postponement in the process for at least six months.
This comes as good news to US poker players, as well as banks and financial organizations that would have had the virtually impossible mission of fine tooth combing through millions of transactions on a daily basis to check for illicit online gambling transactions.
It was earlier reported that the majority of US banks had started sending out memos to their customers to warn them against gambling online.
In recent weeks, the powerful Poker Players Alliance issued a petition to the US Treasury Department demanding a delay in the regulations. Over 50 members of Congress had signed the petition, as well as every banking institution in the United States.
If the latest news is anything to go by, the efforts by the Poker Players Alliance have been successful.
Speaking about the hearing scheduled for December 3rd, the spokesman for the Safe and Secure Internet Gambling Initiative, Michael Waxman said: “Chairman Frank is clearly indicating his commitment to switch the government’s position on Internet gambling, replacing attempts to prohibit the activity with a regulatory framework where consumers are protected. Chairman Frank’s commitment is further reinforced by scheduling this hearing and taking up this issue on the heels of the push for financial industry reform, which has been the committee’s exclusive focus the last six months.”
Imega’s Joe Brenan Junior said about the six month delay of the UIGEA: “It’s really surprising we got this concession. It’s very unusual for any department of the government to essentially forestall an act of Congress. This is a testament to the power of Congressman Frank. This has been his pet issue, because it is part of his core values, for some time now.”
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· Written by Renee K · Filed Under Poker Gossip · Comments Off
