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Finally, some good news! Thought you all would be interested.
Full, free article:
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.
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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.