UIGEA Put on Hold

Tuesday 1 December, 2009 09:31

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While it may still be too premature to celebrate the final death of the draconian Unlawful Internet Gambling Enforcement Act, the online gambling industry can breath a temporary sigh of relief.

The US Treasury announced on Friday that the implementation of the UIGEA, which was due to go into effect today, has been put off until June 2010.

The Treasury announced that the delay was issued in order to allow banks and financial organizations more time to learn how to implement the law.

However, it is generally believed that the Treasury was bowing to the intense pressure put on it by the masses who sincerely believe that a safe and regulated online gambling industry is the only way to go.

Pro gambling legislators are now scrambling to take advantage of this window of opportunity to try and get their bill heard by the Senate that would put pay to the UIGEA once and for all.

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In a statement issued by Rep. Barney Frank it was said: "The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush administration which would curtail the freedom of Americans to use the internet as they choose and which would pose unrealistic burdens on the entire financial community."

Frank said that he would use the six months to deal with the issue of overturning the UIGEA.

"This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush Administration and to undo this ill advised law," he said.

The delay in the UIGEA's implementation has been welcomed by a number of groups, including the Poker Players Alliance and a host of others.

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