4 of a kind
Repeated violations of forum rule 1.16 - troll
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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.
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UIGEA Posponed
- Thread starter 4 of a kind
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DaveG39
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Reference please? Where did you see this?
pevangel
Meister Member
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- 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
pevangel
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
pevangel
DaveG39
Full Member
- Joined
- Jul 19, 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
pevangel
Not if banks and prepaids have already implemented their own bans in anticipation of having to comply (see other thread)
- Joined
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- On the Beach
Thanks to you and 4ofakind for this positive news but what newspaper are we talking about?...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
pevangel
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.
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.
Reuters
Treasury, Fed delay Internet gambling ban 6 months...Fri Nov 27, 2009 4:06pm EST
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Mousey
Ueber Meister Mouse
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From FSDWebUpdate email I received last night
BingoT
Nurses love to give shots
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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.
Old / Expired Link
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
Old / Expired Link
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.
Old / Expired Link
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
Old / Expired Link
pevangel
Meister Member
- Joined
- Mar 23, 2005
- 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
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
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Pinababy69
RIP Lisa
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Two related threads from Casino Industry Discussion:
https://www.casinomeister.com/forums/threads/report-uigea-regulations-postponed-for-6-months.34762/
https://www.casinomeister.com/forums/threads/u-s-legalisation-movement-at-last.34753/
https://www.casinomeister.com/forums/threads/report-uigea-regulations-postponed-for-6-months.34762/
https://www.casinomeister.com/forums/threads/u-s-legalisation-movement-at-last.34753/
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 Old / Expired Link
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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.
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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4 of a kind
Repeated violations of forum rule 1.16 - troll
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- 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.
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
Banned User - troll posts - flaming
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- Hell on Earth
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.
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.
4 of a kind
Repeated violations of forum rule 1.16 - troll
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I'm certainly not complaining if this happens....
lots0
Banned User - troll posts - flaming
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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.
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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
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.
lots0
Banned User - troll posts - flaming
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I think your right to a point about unlicensed casinos. However, as someone already pointed out, why would anyone, with a working brain, play at a an unlicensed, unregulated online casino when there would be government licensed and regulated online casinos to play at?
As far as 888 and Harrahs, it just shows me that the management at Harrah's is not as respectable or honest as they would like everyone to think... Picking one of the biggest online scumbag casino groups to team up with does not bode well for Harrahs in the long run...
vegetagirl2008
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Do you think for 6 months the casinos that already banned the US, will open their floodgates. I don't think so.
footdr
Banned User: PITA violations of the Forum Rules
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What a Joke, Another Law that is totally unenforceable...
I have said all along that this law was unenforceable. I have also said that the casinos and the payment processors have used the "ban" to their advantage by discontinuing the fastest payout method, ACH. ACH is actually the safest method of payment to us. The transaction is basically uncoded and its origin difficult to determine. Unlike wiretransfers which usually are sent from foreign banks. Although they also are uncoded, it is a red-flag as they are coming from an overseas bank.
ACH and EFT are easy and fast and safe, so why did they stop processing payments via this method. One reason maybe that they charge 10-30.00 for wiretransfers. Checks are the worse method for a player as the funds are not guaranteed and the check might bounce resulting in bank fees. Visa has no desire to identify transactions that may be gambling related as they make tons processing these transactions. Consider Click2Pay which is owned by the largest bank, and the bank that processes the most Visa Transactions in Germany/Europe, do you really think Visa wants to "cut them off" or revoke their Visa accounts. I think not.
This law was a loser from the beginning and another example of Congress enacting legislation before they fully research the ramifications and determine whether it can be enforced and ensure that it is cost effective.
And people really believe they, the federal Gov. can enact comprehensive, meaningful, achievable, cost-effective health care reform? Go figure!
p.s. I don't want them to pass a law that allows online gambling but I want this law repealed. I really don't think we want the Fed Gov involved in any way shape or form.
I have said all along that this law was unenforceable. I have also said that the casinos and the payment processors have used the "ban" to their advantage by discontinuing the fastest payout method, ACH. ACH is actually the safest method of payment to us. The transaction is basically uncoded and its origin difficult to determine. Unlike wiretransfers which usually are sent from foreign banks. Although they also are uncoded, it is a red-flag as they are coming from an overseas bank.
ACH and EFT are easy and fast and safe, so why did they stop processing payments via this method. One reason maybe that they charge 10-30.00 for wiretransfers. Checks are the worse method for a player as the funds are not guaranteed and the check might bounce resulting in bank fees. Visa has no desire to identify transactions that may be gambling related as they make tons processing these transactions. Consider Click2Pay which is owned by the largest bank, and the bank that processes the most Visa Transactions in Germany/Europe, do you really think Visa wants to "cut them off" or revoke their Visa accounts. I think not.
This law was a loser from the beginning and another example of Congress enacting legislation before they fully research the ramifications and determine whether it can be enforced and ensure that it is cost effective.
And people really believe they, the federal Gov. can enact comprehensive, meaningful, achievable, cost-effective health care reform? Go figure!
p.s. I don't want them to pass a law that allows online gambling but I want this law repealed. I really don't think we want the Fed Gov involved in any way shape or form.
Last edited:
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