UIGEA Posponed

4 of a kind

Repeated violations of forum rule 1.16 - troll
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Location
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Joint decision by the Treasury Department and the Federal Reserve push the deadline for enforcement of the UIGEA back to next June.
 

pevangel

Meister Member
Joined
Mar 23, 2005
Location
FLORIDA USA
WASHINGTON (Reuters) The U.S. Treasury and Federal Reserve on Friday delayed the implementation date for a new Internet gambling payment ban for six months, a move that gives lawmakers time to overturn it or end confusion over illegal practices.

In a joint statement, the Treasury and Fed said the December 1 implementation date for the law passed in 2006 would not be achievable for some financial institutions. They set a new compliance deadline of June 1, 2010.

"Commentators expressed concern that the act and the final regulation do not provide a clear definition of 'unlawful Internet gambling,' which is central to compliance," the two agencies said.

In addition, they said certain members of Congress have "expressed an intent to consider legislation that would allow problematic aspects of the act to be addressed."

The 2006 law, which cost European Internet gambling companies billions of euros in lost market value, prohibits credit card, check, and electronic fund transfer payments by U.S.-regulated financial institutions in connection with "unlawful Internet gambling."

But rather than define what types of gambling are illegal online, the bill relied on existing federal and state laws to answer that question. It also still allowed any online horse race betting permissible under the Interstate Horseracing Act of 1978.

FRANK SEEKING TO OVERTURN BAN

Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and Senate. The final regulations issued to enforce the ban were issued by the Treasury and Fed just before former President George W. Bush left office in January.

Representative Barney Frank, who chairs the House Financial Services Committee, in October urged a 12-month delay in the implementation because of confusion over what kinds of online gambling were illegal under the bill.

Frank's committee in September 2008 passed a bill to overturn the ban, but the full House never acted on the measure. Frank earlier this year reintroduced the bill, which would effectively overturn the ban and create a framework for the Treasury to license Internet gambling operators, collect taxes from them and enforce rules for transparency.

On Friday, Frank praised the Treasury and the Fed for delaying the regulations, which he said would "curtail the freedom of Americans to use the Internet as they choose" and put unrealistic burdens on financial institutions.

"This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law," Frank said in a statement.

Frank has scheduled a hearing next Thursday on the legislation, dubbed the "Internet Gambling Regulation, Consumer Protection and Enforcement Act."

The six-month delay will allow banks to establish policies and procedures to require gambling businesses to document the legality of their activities, the Treasury and Fed said.


this is the story i saw in the newspaper.


we have a reprive :D

pevangel :)
 

DaveG39

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Jul 20, 2009
Location
Glendale,CA,USA
WASHINGTON (Reuters) The U.S. Treasury and Federal Reserve on Friday delayed the implementation date for a new Internet gambling payment ban for six months, a move that gives lawmakers time to overturn it or end confusion over illegal practices.

In a joint statement, the Treasury and Fed said the December 1 implementation date for the law passed in 2006 would not be achievable for some financial institutions. They set a new compliance deadline of June 1, 2010.

"Commentators expressed concern that the act and the final regulation do not provide a clear definition of 'unlawful Internet gambling,' which is central to compliance," the two agencies said.

In addition, they said certain members of Congress have "expressed an intent to consider legislation that would allow problematic aspects of the act to be addressed."

The 2006 law, which cost European Internet gambling companies billions of euros in lost market value, prohibits credit card, check, and electronic fund transfer payments by U.S.-regulated financial institutions in connection with "unlawful Internet gambling."

But rather than define what types of gambling are illegal online, the bill relied on existing federal and state laws to answer that question. It also still allowed any online horse race betting permissible under the Interstate Horseracing Act of 1978.

FRANK SEEKING TO OVERTURN BAN

Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and Senate. The final regulations issued to enforce the ban were issued by the Treasury and Fed just before former President George W. Bush left office in January.

Representative Barney Frank, who chairs the House Financial Services Committee, in October urged a 12-month delay in the implementation because of confusion over what kinds of online gambling were illegal under the bill.

Frank's committee in September 2008 passed a bill to overturn the ban, but the full House never acted on the measure. Frank earlier this year reintroduced the bill, which would effectively overturn the ban and create a framework for the Treasury to license Internet gambling operators, collect taxes from them and enforce rules for transparency.

On Friday, Frank praised the Treasury and the Fed for delaying the regulations, which he said would "curtail the freedom of Americans to use the Internet as they choose" and put unrealistic burdens on financial institutions.

"This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law," Frank said in a statement.

Frank has scheduled a hearing next Thursday on the legislation, dubbed the "Internet Gambling Regulation, Consumer Protection and Enforcement Act."

The six-month delay will allow banks to establish policies and procedures to require gambling businesses to document the legality of their activities, the Treasury and Fed said.


this is the story i saw in the newspaper.


we have a reprive :D

pevangel :)
Not if banks and prepaids have already implemented their own bans in anticipation of having to comply (see other thread)
 

Stovetopp

Senior Member
MM
Joined
Jul 11, 2008
Location
On the Beach
WASHINGTON (Reuters) The U.S. Treasury and Federal Reserve on Friday delayed the implementation date for a new Internet gambling payment ban for six months, a move that gives lawmakers time to overturn it or end confusion over illegal practices.

In a joint statement, the Treasury and Fed said the December 1 implementation date for the law passed in 2006 would not be achievable for some financial institutions. They set a new compliance deadline of June 1, 2010.

"Commentators expressed concern that the act and the final regulation do not provide a clear definition of 'unlawful Internet gambling,' which is central to compliance," the two agencies said.

In addition, they said certain members of Congress have "expressed an intent to consider legislation that would allow problematic aspects of the act to be addressed."

The 2006 law, which cost European Internet gambling companies billions of euros in lost market value, prohibits credit card, check, and electronic fund transfer payments by U.S.-regulated financial institutions in connection with "unlawful Internet gambling."

But rather than define what types of gambling are illegal online, the bill relied on existing federal and state laws to answer that question. It also still allowed any online horse race betting permissible under the Interstate Horseracing Act of 1978.

FRANK SEEKING TO OVERTURN BAN

Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and Senate. The final regulations issued to enforce the ban were issued by the Treasury and Fed just before former President George W. Bush left office in January.

Representative Barney Frank, who chairs the House Financial Services Committee, in October urged a 12-month delay in the implementation because of confusion over what kinds of online gambling were illegal under the bill.

Frank's committee in September 2008 passed a bill to overturn the ban, but the full House never acted on the measure. Frank earlier this year reintroduced the bill, which would effectively overturn the ban and create a framework for the Treasury to license Internet gambling operators, collect taxes from them and enforce rules for transparency.

On Friday, Frank praised the Treasury and the Fed for delaying the regulations, which he said would "curtail the freedom of Americans to use the Internet as they choose" and put unrealistic burdens on financial institutions.

"This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law," Frank said in a statement.

Frank has scheduled a hearing next Thursday on the legislation, dubbed the "Internet Gambling Regulation, Consumer Protection and Enforcement Act."

The six-month delay will allow banks to establish policies and procedures to require gambling businesses to document the legality of their activities, the Treasury and Fed said.


this is the story i saw in the newspaper.


we have a reprive :D

pevangel :)
Thanks to you and 4ofakind for this positive news but what newspaper are we talking about?...
 

4 of a kind

Repeated violations of forum rule 1.16 - troll
Joined
Mar 11, 2009
Location
New York
This is from Bluff Magazine


Poker Players Alliance Applauds Six-Month UIGEA Regulation Delay

* Jason Kirk | November 27, 2009

The Poker Players Alliance today issued a statement praising the joint decision by the Treasury Department and the Federal Reserve to push the deadline for enforcement of the UIGEA back to next June.

The PPA is extremely pleased with the decision by the Federal Reserve and Treasury to grant the six month extension. This is a great victory for poker, but an even greater victory for advocates of good and fair public policy, said PPA Chairman and former Senator Alfonse DAmato. These additional months are critical to provide legislators time to clarify UIGEA and pass legislation to license and regulate poker early next year. It is our hope that another extension would be granted should the deadline approach before these pieces of legislation can be passed.

While its statement applauded the new delay in implementing UIGEA, the PPA also noted that it plans to continue lobbying Congress in the meantime to pass legislation that protects poker and online poker players by licensing and regulating the game within the United States. House Financial Services Committee chairman Barney Frank (D-MA) has already scheduled a hearing on his two bills, H.R. 2266, Reasonable Prudence in Regulation Act, and H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act, for next Thursday, December 3rd. A full webcast of the committee hearing will be available here.

PPA is continuing its efforts to urge members of Congress to implement thoughtful and effective regulation of the online poker as opposed to outright prohibitions, which history has shown do not work, said DAmato. We are thankful to our co-petitioners the National Thoroughbred Racing Association and the American Greyhound Track Operators Association and for the dozens of members of Congress who voiced their support for this petition through letters to Secretary Geithner and Chairman Bernanke. The PPA looks forward to working with regulators and legislators to pass legislation that protects consumers and the great game of poker.
 

Mousey

Ueber Meister Mouse
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Up$hitCreek
From FSDWebUpdate email I received last night

For Immediate Release:

November 27, 2009



Frank Statement on Implementation of Internet Gambling Regulations



Washington, DCHouse Financial Services Committee Chairman Barney Frank today made the following statement after the announcement by the Treasury Department and the Federal Reserve that it would delay implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA) for six months:



The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush administration which would curtail the freedom of Americans to use the internet as they choose and which would pose unrealistic burdens on the entire financial community, said Congressman Frank. This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law.
 

BingoT

Nurses love to give shots
Joined
Dec 16, 2004
Location
Hartford,Ct
Obama Administration Delays Internet Gambling Ban Implementation

Congressional Hearing Scheduled on Legislation to Regulate the Industry

WASHINGTON, Nov. 27 /PRNewswire-USNewswire/ -- Department of the Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke today announced agreement to delay for six months, until June 1, 2010, required compliance with the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). The move blocks regulations to implement the legislation which requires the financial services sector to comply with ambiguous and burdensome rules in an attempt to prevent unlawful Internet gambling transactions. House Financial Services Committee Chairman Barney Frank (D-MA) has scheduled a House Financial Services Committee hearing for December 3 to discuss Internet gambling legislation and the opportunity to effectively regulate the industry.
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Government delays new ban on Internet gambling

WASHINGTON The Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban Internet gambling.

The two agencies said Friday that the new rules, which were to take effect on Dec. 1, would be delayed until June 1 of next year.

A key Democratic opponent of the ban on online gambling praised the action and said it would give Congress time to overturn a law passed in 2006 when Republicans controlled Congress.

The delayed rules would curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers.
By MARTIN CRUTSINGER
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pevangel

Meister Member
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Location
FLORIDA USA
Hi

Stovetopp I am sorry it was from the yahoo headlines news, not the newspaper I misspoke, so sorry, I got so dang excited about it I didnt know what I was writting lol I am a doh. You can go to www.thehill.com, look under Finance & Economy it is there.



pevangel :D
 
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Pinababy69

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RobWin

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I just posted a great video where CNBC's Melissa Francis interviewed Height Analytics managing partner Andrew Parmentire and Oppenheimer gaming analyst David Katz to discuss what their thoughts were as far as online gambling soon being legalized in the United States. The article is located
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Westland Bowl

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I just posted a great video where CNBC's Melissa Francis interviewed Height Analytics managing partner Andrew Parmentire and Oppenheimer gaming analyst David Katz to discuss what their thoughts were as far as online gambling soon being legalized in the United States. The article is located
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I certainly hope that regulation of online casinos is not going to benefit just online versions of current brick and mortar casinos, but also Wagerlogic, Galewind, RTG, Microgaming, Playtech, and other casino software platforms. It seems like they made much ado about Harrah's coming online as if existing land casinos are the only ones to be "allowed" online in the regulated environment.
 

RobWin

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I certainly hope that regulation of online casinos is not going to benefit just online versions of current brick and mortar casinos, but also Wagerlogic, Galewind, RTG, Microgaming, Playtech, and other casino software platforms.
Yea, I agree

It seems like they made much ado about Harrah's coming online as if existing land casinos are the only ones to be "allowed" online in the regulated environment.
Accordingly, the way they are supposedly setting it up is for any online gaming company to be able to be licensed and regulated as long as they can submit to and pass the rigorous standards that are to be set in place. This is a good thing though.

Only the brightest and best will be allowed to operate in the legalized market. Once the legalized online gaming market is set in place then why would anyone venture away from that to play at an online casino that was not regulated? ;)

I do hope that some of my personal online favorites will be able to pass the stringent tests.
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4 of a kind

Repeated violations of forum rule 1.16 - troll
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Location
New York
I for one would certainly be a fan of signing onto a regulated casino coming out of Vegas, and happy to pay taxes on any winnings.

If this were to happen I would assume most of the third world countries that were getting fat off our cash for over a decade, would get thrown back into the stone age and poverty.

I would think most of them would prefer it stays just the way it is. Not having to answer to anyone, relating to cashouts, T&C's, percentages of take of course unless you want to believe what their alleged unknown auditors say.

I expect when gambling in the long run to lose, but knowing for sure I'm losing fair and square is a great fantasy when it comes to online.

I know I'm getting way ahead of things here.
 

lots0

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I think we can all rest assured that if online gambling gets regulated inside the US we will only see companies that have followed the letter and the 'spirit' of the law to a tee allowed in the market.

All the officials that have voiced support of regulation have also said that 'stringent' requirements and a history of following laws will be REQUIRED to be licensed in the US.

I got a strong feeling that ANY casino that currently takes US players... will be denied a license if regulation comes to pass.
 

lots0

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I'm certainly not complaining if this happens....
I have mixed feelings. I do know there are a few very good and honest casinos that currently operate inside the US.
I would hate to see them hurt.

However, the massive amount of theft, fraud and cheating that goes on... will not be missed by me.
 

Stovetopp

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Yea, I agree



Accordingly, the way they are supposedly setting it up is for any online gaming company to be able to be licensed and regulated as long as they can submit to and pass the rigorous standards that are to be set in place. This is a good thing though.

Only the brightest and best will be allowed to operate in the legalized market. Once the legalized online gaming market is set in place then why would anyone venture away from that to play at an online casino that was not regulated? ;)

I do hope that some of my personal online favorites will be able to pass the stringent tests.
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For the same reason some folks who belong to this forum ALWAYS seek oput the rogue casinos to play at then come here on line complaining about not being paid......It beats the crap outta me why one does that
 

Simmo!

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England
I think we can all rest assured that if online gambling gets regulated inside the US we will only see companies that have followed the letter and the 'spirit' of the law to a tee allowed in the market.

All the officials that have voiced support of regulation have also said that 'stringent' requirements and a history of following laws will be REQUIRED to be licensed in the US.

I got a strong feeling that ANY casino that currently takes US players... will be denied a license if regulation comes to pass.
Agreed but I doubt whether the ones already operating there will just walk away. What I guess it menas is that the licenced ones will be the ones that get the attention.

The most interesting thing about the Harrahs deal IMO is that they have teamed up with 888. That's a big tell.
 

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