News broke during the past week that the Unlawful Internet Enforcement Act (UIGEA) has officially been delayed for six months. The deadline for compliance under the ruling was meant to be on December 1st of 2009 but it has been re-scheduled to June 1st, 2010.
The US Treasurt and the Federal Government both decided to push the deadline as they received tons of petitions from organizations like the Poker Players Alliance and even some Congressmen. â€œCommentators expressed concern that the act and the final regulation do not provide a clear definition of â€˜unlawful Internet gambling,â€™ which is central to compliance,â€ the two agencies said.
Also both agencies agreed on the fact that the deadline was too hard to achieve for some financial insitutions which wuold not be ready.
The UIGEA is a ruling that was passed in 2006 and it bans all banks and financial institutions from processing transactions with online gambling operators. However, the guidelines in the UIGEA are very blurry and some financial institutions have said it is almost impossible to achieve.
We will definitely see a lot of effort from the PPA and Congressman Barney Frank to repeal the online gambling ban and regulate all online gambling activities.