Execution of UIGEA was postponed by US Government
November 29, 2009, 1:03 pm (9 years ago)
The Federal Reserve and the Treasury Department stated the extension of the postponement in obligatory agreement with the UIGEA regulations regarding payments to online casinos. Financial facilities were given a 6-month reprieve to put systems in place to reject the processing of transactions to Internet casinos.
The date for execution, which had been scheduled for December 1st, was shifted back to June 1st. The government agencies were responding to numerous requests to pause the execution of UIGEA regulations until legislative options could be inspected.
"Commentators expressed concern that the Act and the final regulation do not provide a clear definition of 'unlawful Internet gambling,' which is central to compliance," said the federal statement. Numerous complaints have arisen attacking the Internet gambling ban for vague language, leaving interpretation to frustrated financial operators.
A group of 19 US Representatives, with the lead of Barney Frank, had requested for a postponement whilst measures introduced by Frank that would make the UIGEA debatable could be taken into consideration in Congress.