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US Rep. Frank Calls for Regulation

Discussion in 'America the Beautiful' started by s163999, Apr 26, 2007.

    Apr 26, 2007
  1. s163999

    s163999 Dormant account

    Occupation:
    Analyst
    Location:
    United States
    Finally, some good news! Thought you all would be interested.

    Full, free article: You must register/login in order to see the link.

    US Rep. Frank Calls for Regulation

    Rep. Barney Frank, D-Mass., Chairman of the House Committee on Financial Services, today introduced his long-awaited Internet gambling bill and it is not at all what people had been expecting.

    For several weeks, media reports have had the industry and U.S. online gamblers anticipating a full repeal of the Unlawful Internet gambling Enforcement Act (UIGEA), enacted October 2006, which prevents U.S. banks and credit card companies from processing payments to online gambling businesses outside the United States.

    Under the bill, titled the Internet Gambling Regulation and Enforcement Act, the UIGEA would remain in place, as would the Wire Act. Banks and credit card companies would still be prevented from doing business with illegal online gaming operators. However, Section 5370 of Frank's bill provides a defense against the regulations that will soon be set forth by the UIGEA by proposing federal licensing and regulation of offshore Internet gambling companies.
     
    7 people like this.
  2. Apr 26, 2007
  3. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
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    Earth
    Sounds a little like the recent Washington State concept of amending the original act with an "affirmative defence"

    US legislation gets harder and harder to follow as time goes on....
     
  4. Apr 26, 2007
  5. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

    Occupation:
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    Well I am not that happy.. I was hoping for a full repeal of the UIGEA.

    However, regulation has been needed for some time.

    And how else are the US land based casinos going to compete online with the companies form outside the US... Government Regulation... Who is going to have access to those regulators... some company based in South Africa or London or a company with offices in Washington D.C.?

    See the land based casinos are not that dumb... Open the market up and then regulate it, then regulate all the outside competitors out of business. A common US business practice.

    BTW - the odds that this new Bill will pass has GREATLY INCREASED by this strategy of Frank's.
     
  6. Apr 26, 2007
  7. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    The fact that this allows states to opt out will make this an easy pass in my mind. There is no way in the word that anyone can be against this that is slightly in touch with reality. That being said I'm sure John Kyl will find something to cry about.
     
  8. Apr 26, 2007
  9. dominique

    dominique Dormant account

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    The actual bill:


    You must register/login in order to see the link.
     
    3 people like this.
  10. Apr 26, 2007
  11. Philosopher

    Philosopher Dormant account

    Occupation:
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    True, a full repeal would have been ideal, but the chances would have been almost 0.

    Frank was pretty savvy in going about it this way. By regulating it AND creating revenue from it, he is taking away all of the ammo that could be used by his opposition. Problem gamblers, underage, terrorism...all things that were used to push the UIGEA through and ALL targeted under his new bill.

    His opposition will look extremely hypocritical (more than normal) arguing against the bill now.
     
  12. Apr 28, 2007
  13. sdaddy

    sdaddy Meister Member

    Occupation:
    Retired
    Location:
    Arizona
    I was hoping for a full UIGEA repeal as well. At some point I'd like to hear the reaction of the major online gambling firms (Sportingbet, Cryptologic, Boss Media, etc.) that left the US market last year. Is this bill something they will support as a way for them to re-enter the US market?

    One practical question I have about Frank's proposal is how the e-wallets would be affected. Would they have to be federally licensed as well in order to operate legally with the US? How would the US government know that a transaction with an e-wallet is only going to fund a licensed gambling site unless the e-wallet only allows funding to such sites?
     
  14. Apr 28, 2007
  15. K777

    K777 Dormant account

    Occupation:
    n/a
    Location:
    Germany
    I guess there is no need to licence third party e-wallets. Credit cards issued by U.S. banks, ACH, Checks etc. - all these payment options will work within the borders of USA or a State.
     

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