U.S. Federal Reserve and U.S. officials are struggling with the law!
May 18 at 10:10am by Mike
Officials at both the U.S. Federal Reserve and the U.S. Treasury said on Wednesday they are struggling to draft rules that could ban bank and credit card payments to illegal Internet gambling sites because Federal Law is very unclear about what type of online gambling is illegal.
The Congress passed a bill in 2006 that prohibited companies from accepting payments in connection with “unlawful Internet gambling” and instructed the ‘Federal Reserve’ and the ‘Treasury Department’ to come up with rules that could enforce the act.
However, instead of defining which types of gambling are illegal online, the ‘Unlawful Internet Gambling Enforcement Act of 2006′ (UIGEA) relied on existing Federal and state laws to answer that question.
Because it allowed horserace betting as permissible under the Interstate Horseracing Act of 1978 both the gambling and the financial industry companies now insist on being told specifically which transactions can be blocked and which not.
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