A bill (H.R.5767) introduced into Congress on Thursday by Rep. Barney Frank and Ron Paul would prevent the US Government taking further steps on regulations laid down by the Unlawful Internet Gambling Enforcement Act of 2006 which require US financial institutions to block Internet gambling payments.
“These regulations are impossible to implement without placing a significant burden on the payments system and financial institutions,” said Frank.
The new bill, which follows on the heels of the April 2 hearing ‘Proposed UIGEA Regulations: Burden Without Benefit?’, met with the support of the Safe and Secure Internet Gambling Initiative, a group that promotes the freedom of individuals to gamble online.
SSIGI spokesman Jeff Sandman commented: “It’s a bold move, but a necessary one, in light of the warnings from the Treasury and Federal Reserve that they did not know how to write regulations to solve the problems created by UIGEA. Further, witnesses representing a broad spectrum of the financial services community unanimously stated that the current ban on Internet gambling is dangerous to the payments system and ineffective in stopping people from using the Internet to play poker, make bets on horses, or engage in other types of wagering.”
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