Federal Reseve Board Statement on UIGEA regs

[Stormwolf]

game over
http://www.federalreserve.gov/newsev.../20081112b.htm

[1p0kerboy]

Compliance is required by December 1st, 2009.

[il_martilo]

It says people don't have to obey until Dec 2009 though.

And first.

[LirvA]

Suck my ****ing dick America, suck my ****ing dick you pile of garbage.

[Thremp]

How is this any different from now?

[1p0kerboy]

Yuck.

Moreover, the Act already provides for a course of action if government entities are aware of an unlawful Internet gambling website. The Act provides a procedure pursuant to which the U.S. Attorney General, State attorneys general, or other appropriate State officials may institute proceedings to have an unlawful Internet gambling website removed by the interactive computer service that provides access to that website.

[Corpsebean]

So does this mean we have till December 1st, 2009 to try and undo this crap?

[TheEngineer]

Originally Posted by Thremp

How is this any different from now?

Banks won't be allowed to process online gaming transactions unless they believe the transactions are lawful.

[Thremp]

Originally Posted by TheEngineer

Banks won't be allowed to process online gaming transactions unless they believe the transactions are lawful.

That is what they are doing.

[1p0kerboy]

TE

What's our next move?

[shipitkthx]

Originally Posted by 1p0kerboy

Yuck.

Moreover, the Act already provides for a course of action if government entities are aware of an unlawful Internet gambling website. The Act provides a procedure pursuant to which the U.S. Attorney General, State attorneys general, or other appropriate State officials may institute proceedings to have an unlawful Internet gambling website removed by the interactive computer service that provides access to that website.

I believe they unknowingly just put a poison pill in this legislation. This should come back to bite them.

[TheEngineer]

Originally Posted by 1p0kerboy

TE

What's our next move?

We should all tell our Congressmen what we think of this. As it doesn't take full effect until Dec. 2009, we have some time to fight back. We should also ask Obama to include this regulation in the many midnight rules he plans to ask Congress to rescind.

[rokstedy]

Did it sound to any of you like they were leaving the skill debate up to the states?

[TheEngineer]

Originally Posted by Thremp

That is what they are doing.

Not really. Banks have not had regulations requiring them to not process unlawful gambling transactions. Now they do.

[ECB]

All the time, effort in money that went into this is absolutely absurd.

To enforce it is going to cost ultimately, billions of taxpayers dollars, millions of hours of investigatory work etc.... for what????

Regulate the industry

Man, is this going to cause problems with ecommerce in multiple areas.

It will also interfere with regular community bank transactions down the road.

Pitiful.

Speak up now