Tuesday, October 13, 2009
Rules that would enforce a United States ban on online casino gambling
5:41 AM | 
Posted by
coolvision
Rules that would enforce a United States ban on online casino gambling in two months should be delayed by a year.
United States lawmakers have urged regulators to delay by a year financial rules that would enforce the ban on online casino gambling, due to be implemented from the start of December.
Enforcing the rules in two months’ time would put an unreasonable burden on regulators and the financial services industry at a time of economic crisis, stated the lawmakers, in a letter to the Treasury Department and the Federal Reserve.
The bill, which has cost European online casino gambling companies billions of Euros, prevents firms from accepting credit cards, cheques and electronic fund transfer payments in connection with any any "unlawful" online casino gambling.
Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and the Senate. However, the Bill did not define which types of gambling were illegal. The Treasury and Federal Reserve expressed concern a year ago that they were struggling to understand exactly what was unlawful. For example, the bill still allowed online horserace betting permissible under the Interstate Horseracing Act of 1978.
The group, led by Barney Frank, the United States House Financial Services Committee Chairman, stated in a letter that the law enacting the new rules is "flawed" and stated the House is likely to move legislation that would officially delay the rules until December 2010.
"We also believe this is an unreasonable burden on regulators and the financial services industry at a time of economic crisis," the letter signed by 19 lawmakers stated.
United States lawmakers have urged regulators to delay by a year financial rules that would enforce the ban on online casino gambling, due to be implemented from the start of December.
Enforcing the rules in two months’ time would put an unreasonable burden on regulators and the financial services industry at a time of economic crisis, stated the lawmakers, in a letter to the Treasury Department and the Federal Reserve.
The bill, which has cost European online casino gambling companies billions of Euros, prevents firms from accepting credit cards, cheques and electronic fund transfer payments in connection with any any "unlawful" online casino gambling.
Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and the Senate. However, the Bill did not define which types of gambling were illegal. The Treasury and Federal Reserve expressed concern a year ago that they were struggling to understand exactly what was unlawful. For example, the bill still allowed online horserace betting permissible under the Interstate Horseracing Act of 1978.
The group, led by Barney Frank, the United States House Financial Services Committee Chairman, stated in a letter that the law enacting the new rules is "flawed" and stated the House is likely to move legislation that would officially delay the rules until December 2010.
"We also believe this is an unreasonable burden on regulators and the financial services industry at a time of economic crisis," the letter signed by 19 lawmakers stated.
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