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Specifics for Online Casino Ban in Near Future?

The Unlawful Internet Gambling Act is perhaps one of the more questionable pieces of recent legislation that passed through Congress approval just last November – especially considering the U.S.’s precarious position with the rest of the world because of the online casino ban’s effect on foreign trade agreements. Basically, the legislation simply known as IGREA now was not even fully considered or understood by many in Congress before the Act was passed as a part of the “must-pass” Safe Port legislation. The backlash internationally from those in the online casinos industry, and other countries has been quite more than the U.S. could have even imagined.

Now though, the UIGEA has passed the deadline set in the Act mandating that both the Federal Reserve System and the Department of Treasury work together to come up with the comprehensive regulations that will govern the payment processing companies and financial institutions and effectively shut out all online casino gambling activities. The Act stated the two departments were required to release the new regulations within 270 days. And now that the deadline has passed, many in the online casinos industry are wondering when the departments do in fact plan to release the regulations.

An Official at the U.S. Federal Reserve announced the message to those online casino players and industry related folk that there is no specific release date in the works for the UIGEA regulations, but the companies “anticipate that proposed regulations will be published in the Federal Register for public comment in the near future."