The U.S. Treasury and Federal Reserve have 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.
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.
In America you have the right to be stupid as long as it’s not immoral. You can vote for a moron but not play bingo online.