It is confirmed, implementation of UIGEA rules now postponed. The United States Treasury and the Federal Reserved have released a joint statement to confirm that the implementation of UIGEA rules will not be enforced from December 1 of this year, 2009.
The joint statement cited some reasons why the implementation of the said rules be not enforced this time of the year. One of the main reasons was indeed about the rules not providing clear and enough definition of Internet gambling that is unlawful. Also, of equal significance, was that some members of the Congress wrote letters to the agencies saying that the legislation was in process to handle the problems brought by the rules. And not to mention that, the two agencies were indeed not ready with the mechanisms they needed to successfully prevent and completely stop transactions that have something to do with Internet gambling.
Because of the problems mentioned, the implementation of the UIGEA rules was postponed to June 1 of next year, 2010. According to both Treasury and the Federal Reserve, the postponement will actually give enough time for all the problems to be resolved and for the financial institutions to settle issues with their systems.
Supporters of online gambling were very happy upon hearing about the decision of Treasury and the Federal Reserve regarding the implementation of the UIGEA rules. Barney Frank, House Financial Services Committee chairman, was also happy. With regards to his sponsored bills, he said, “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”. While John Kennedy FitzGerald, Interactive Gaming Council Chief executive, was also on the positive side and said, “IGC hopes that the U.S. Congress will use the intervening time to move U.S. law away from the ambiguous attempts at prohibition contained in UIGEA, and toward a rational policy of licensing and regulation”.
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