UIGEA new positive bill just passed

[GaryWatson]

In the last few minutes, the HR 6870 bill has been voted in.

This new bill HR 6870, which will be known as the Payment Systems Protection Act of 2008 blocks the US Treasury or Federal Reserve from legally enforcing any UIGEA regulation…

“To the extent as any such regulation pertains to wagering of the type that is prohibited under chapter 178 of title 28, United States Code (relating to professional and amateur sports protection).”

http://www.gamesandcasino.com/gambli...-bill-hr-6870/

Sounds like US players could be on their way back. I wont hold my breath but this appears to be a mega development

[RobWin]

In the last few minutes, the HR 6870 bill has been voted in.



http://www.gamesandcasino.com/gambli...-bill-hr-6870/

Sounds like US players could be on their way back. I wont hold my breath but this appears to be a mega development

The thing that concerns me though is the fact they did not mention the ever elusive DOJ...it only states that it blocks the US Treasury or Federal Reserve from legally enforcing any UIGEA regulation…it did not say or address the DOJ enforcing any UIGEA regulation or not...WHY ??

[winbig]

The thing that concerns me though is the fact they did not mention the ever elusive DOJ...it only states that it blocks the US Treasury or Federal Reserve from legally enforcing any UIGEA regulation…it did not say or address the DOJ enforcing any UIGEA regulation or not...WHY ??

If the banks aren't doing anything illegal, then the DoJ doesn't have a leg to stand on

[RobWin]

If the banks aren't doing anything illegal, then the DoJ doesn't have a leg to stand on

It's not the banks I am concerned about but the folks or the owners of the casinos that keep getting f**k*d with by the DOJ.. remember it only states that it blocks the US Treasury or Federal Reserve from legally enforcing any UIGEA regulation…it did not say or address the DOJ enforcing any UIGEA regulation or not

[Westland Bowl]

By a 30-19 vote, HR 6870 passes! This new groundbreaking development in the UIGEA saga may now be transferred onto the floor of the House of Representatives. Here's the link for details:

http://www.gamesandcasino.com/gambli...bill-approved/

[catrina m]

Any step to abolish the dark cloud hanging over US gamblers is a step forward.

The US is a huge market of regular depositors. I would love to play at some of the casino's I see here but am prohibited from playing.

The ban affected me, but not much. I am neither high stakes or a big winner so little attention was paid to my transactions.

I see it benefitting poker the most.

Poker is on ESPN, its legit.

If you tried to ban the US atheletes from the olympics because our GOV wasn't getting the major cut it would be the same as banning our world class poker players from competition.

[GGW Laurie]

If the banks aren't doing anything illegal, then the DoJ doesn't have a leg to stand on

agreed but the DOJ are some sneaky lil mo fo's, so nothing would shock me...................

[GamTrak]

Every US citizen that feel we should have the right to gamble online needs to be involved in watching just WHO is trying to prevent it and like McCain said "Make them famous" and replace them.

Instead of our congress worrying about important stuff like our 401K's, savings, crooked CEO's/Investors/Banks, economy and our infrastructure THEY are wasting time and effort on laws to take away more of our rights and doing corporate welfare prettied up as a bail out!!!

The fact that they want to ban online gambling with their fake a$$ moral reasoning, which could bring in a bunch of TAX revenue to the USA and boost our economy is idiotic and totally irresponsible.

The DOJ is a joke that has failed us miserably IMO and needs to stop harrassing sportsbetting folks until we get the industry regulated.

[lots0]

Best damn news I've heard in quite a while....

It is only a baby step in the right direction.... But it is in the right direction.

We still have to go to the floor for a full vote and then if passed by the full House it will go on to the Senate... and then the president. SO contact your elected officials and tell them how you feel... It does make a difference!

I think after what has been going on the last couple of days I hope those assholes in Washington are starting to get the fact that their meddling in our personal and PRIVATE business causes nothing but trouble...

I think we should have a Constitutional Amendment where we hire a very large man to publicly paddle (with a large ands scary looking wooden paddle like they used to use in Schools) any elected politician that gets the bright idea to legislate morals and behavior.... Bend over and grab your ankles Ms. Speaker, you need an attitude adjustment...

[jetset]

Casinomeister News

U.S. OFFICIALS RACE TO FINALISE UIGEA REGS (Update)

With the Republican Bush administration on the way out, Treasury officials race to avoid a midnight drop

Achieving wide coverage across the stock markets and business sites as the week ended was a Dow Jones business report that the controversial regulations supporting the Unlawful Internet Gambling Enforcement Act have been finalised. The news comes after widespread political and financial services criticism that the initial draft of the regulations lacked practicality and precision.

The UIGEA prohibits financial transactions with 'illegal' online gambling companies, placing the burden of enforcement on the US financial services industry.

According to the Dow Jones report, the US Treasury is trying to push the regulations through after months of difficult drafting in the hope of finalising the issue before the Bush administration leaves office at the end of the year.

The Treasury Department forwarded the final regulations to the Office of Management and Budget on October 21, a necessary step towards implementation. The report describes the move as standard practice for outgoing administrations to finalise controversial regulations before leaving office, a practice known as a midnight drop.

The UIGEA law as drafted by Congress in late 2006 includes exemptions for horse race betting, interstate online lotteries and betting on fantasy sports, and was passed as a last-minute attachment to an unrelated but essential security bill in the final hours of the Republican controlled Congress at the time.

Since then the law has been responsible for hundreds of millions of dollars in losses to major listed companies forced to pull out of the US market, and has been the subject of thousands of column inches of media criticism, Congressional hearings, law suits, legislative proposals seeking to overturn or modify its provisions and general widespread criticism from a diversity of interested parties.

Federal Reserve managers have been among the many who have expressed reservations about the implementation of the Act and the difficulties of drafting effective regulations to support it.

The Dow Jones report notes that draft rules published by the Treasury in October 2007 don't define what would be considered an illegal transaction, and there has been much confusion as to what types of online gambling would be rendered illegal.

Banks have warned they may block all online gambling transactions rather than try to determine which ones are illegal. An official from the Federal Reserve testified before Congress in April that the draft regulations created considerable uncertainty.

One organisation vehemently opposed to pushing the regulations through in this manner is the Poker Players Alliance. Executive Director John Pappas told Dow Jones: "It's really remarkable that this administration would try to push this out given the burden it would place on financial institutions at this time of financial crisis."

Pappas is meeting Friday with officials from the Office of Management and Budget, whose job it is to formally implement the regulations, in a last ditch effort to prevent them from being put on the books.He wants officials to wait until President-elect Barack Obama's administration takes office in January to allow for a thorough review of the potential impact of the rules.

A Treasury spokeswoman did not return phone calls seeking comment by Dow Jones.