What was supposed to take effect on December 1 is now on hold. The Treasury Department, along with the Federal Reserve, has delayed the new ban on internet gambling. The 6-month delay will, in effect, give Representative Barney Frank time to hold a hearing on this ban beginning December 3. This hearing is meant to reverse the ban on internet gambling, a law that was enacted in 2006 and known as the Unlawful Internet Gambling Enforcement Act.
As Chairman of the House Financial Services Committee, Mr. Frank will lead the questioning as witnesses testify for and against the Internet Gambling Regulation, Consumer Protection and Enforcement Act (IGRCPEA) and the Reasonable Prudence Regulation Act (RPRA), both of which were introduced by Mr. Frank earlier this year.
The delay also stemmed from the fact that the existing law was ambiguous at best, and was difficult to enforce by financial institutions. As you may know, many online casino players were and are unable to use credit cards as a payment method.
With a great deal of support from members of Congress to delay the new ban, there is a glimmer of hope that Mr. Frank and his investigation will yield a result acceptable to everyone. Sunshine Slots will continue to keep you apprised of the situation.