At the hearing yesterday on just WHAT the rules are on the UIGEA Bill, left everyone more confused than ever! No one could say exactly what the rules were in the bill, what is illegal and what is legal.
Now if the people who is supposed to enforce this law, don’t know what it all means, who does? And should the Government put this burden on the shoulders of the banks in the U.S.? Banks say NO!
Roseman stated: The payment system that companies rely on to do business “isn’t frankly well designed” to identify an illegal Internet gambling transaction from a legal one, which is another challenge to crafting a rule.
Valerie Abend, the Deputy Assistant Secretary of Treasury, stated: regulators were striving to craft a rule that comes as close as possible to what lawmakers intended.
But the question of which forms of Internet gambling are illegal is an issue regulators “are struggling with and trying to figure out what, if anything, we can do,”
I watched the hearing online yesterday, and it sounded to me like No one knows just what to do on this issue.
Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee, has proposed legislation to repeal the ban.
This was a very interesting meeting, and what will happen with it is still unclear, not only to the public, but also for the Financial Committee.
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