UIGEA Rumored To Be Delayed Until June 1stPublished on November 26th, 2009 3:49 am EST
According to various trusted news sources, the compliance date for the UIGEA (Unlawful Internet Gambling Enforcement Act) is expected to be pushed back six months.
According to Pokernews.com (link below), Barney Frank is expected to make a statement on Friday in which he will announce that Treasury Secretary Timothy Geithner has agreed to push back the implementation of the UIGEA.
The original compliance date for the UIGEA was set for December 1, 2009. As of this date, banks and credit card companies were going to be held accountable for making sure that no outbound transactions made it to any "illegal" Internet gambling sites.
This compliance date has now been pushed back by six months to June 1st. It's hoped that HR 2267, which is a bill that would create a licensing and regulatory framework for online gambling in the United States, would have a chance to be heard by that time. HR 2267 currently has 63 co-sponsors.
The move to delay the UIGEA regulations had some powerful backers. Congressman Barney Frank, who has led the fight for regulated online gambling in the United States, was the sponsor of H.R. 2266: Reasonable Prudence in Regulation Act, which sought to delay the UIGEA compliance date for 1 year.
In addition, the push to delay the UIGEA regulations received backing from the PPA, National Thoroughbred Racing Association, American Greyhound Track Operators Association and a number of others.
Six Kentucky congressmen submitted a letter earlier this month to Treasury Secretary Geithner, letting him know that they were also backing the bid to delay the UIGEA. They noted the fact that Mastercard had stopped processing transactions with the code used by the horse racing industry, despite the fact that the industry was exempt from the UIGEA.
Hopefully this delay leads to the eventual passage of HR 2267..
Source: UIGEA Delayed
Filed Under: UIGEA