US Postpones Internet Gambling Rules Implementation
An Internet gambling payment rule, supposedly for implementation on Tuesday, December 1 has been postponed by the US Treasury Department and Federal Reserve Board for six months.
The law was passed in 2006 under then President George W. Bush and Republican Party controlled congress states that financial institutions are given until December 1, 2009 to comply.
The delay will allow lawmakers to either clarify some definitions that the law failed to define properly or to completely overturn the law.
“…the act and the final regulation do not provide a clear definition of ‘unlawful Internet gambling'” said the two agencies. It has left that definition to existing federal and state laws.
The law has been labeled as an unfair trade restriction at the World Trade Organization. This was supported by US Representative Barney Frank (D-MA). He said that it would “curtail the freedom of Americans to use the Internet as they choose”.
The law prohibits U.S.-regulated financial institutions from knowingly accepting payments through credit card, check, and electronic fund transfer payments in connection with “unlawful Internet gambling.”