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A law passed in the final hours of
the Republican-controlled Congress
in 2006, making it illegal for banks
to send payments to and from online
casino websites could be repealed
very soon. Rep. Barney Frank is
currently working on repealing the
online gambling law passed literally
in the final Congress hours and
attached to unrelated bill. The
Unlawful Internet Gambling
Enforcement Act put enormous
pressure on the banks to control and
police transactions to and from
online casinos and other gambling
websites, especially when no clear
definition of illegal online
gambling was given in the bill.
Furthermore, "overblocking" of
online gambling transactions was
allowed for the banks by the law,
which led to some legal state
lotteries and horse racing websites
to experience block of payments by
their customers.
But
Rep. Barney Frank, who is chairing
the committee overseeing the banking
industry, is now preparing to repeal
this online casino law and take it
off the books, effectively removing
the bothersome requirement in the
current financial situation all over
the world. Rumors are also spreading
that legalizing online casinos in
the United States may also be in the
works, considering it could bring
billions in taxes yearly for the
country. |
