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The opponents of the UIGEA have had one small and minor victory this week as the US Treasury and Federal Reserve announced that they are delaying the implementation of UIGEA enforcement regulations. Congressman Barney Frank has really aggressively fought these new support regulations because they are still not fully ready – there are huge flaws that continue to be ignored by the UIGEA supporters, and even the US banking and financial services industry protested the support regulations. For a bit of time there though, it looked as though all of the protest had come to no avail, that the online casinos were still facing full prosecution and laws under the UIGEA as of the beginning of December.

Wisdom has prevailed to some extent in the US government though, perhaps because of the dire predictions from the US banks and financial services companies themselves. The support regulations will weigh very heavily on US banks, a burden that is simply not possible right now with the economic crises still in effect. There are a lot of confusing and tangled aspects to the UIGEA that several key politicians are actively working to untangle and just stop altogether. It’s no secret that the UIGEA was a set of midnight regulations pushed into effect without the full knowledge of Congress by persons within the Bush Administration. Even three years later there is a huge push to try to undone those misdeeds – a task easier said then done even with the support of the international online casino gambling industry.

Frank is a vocal supporter of a regulated and licensed US online casino gambling industry, something that has not yet happened, but that is a very real hope for the future. Frank made a public announcement of acknowledgement and support of the Treasury and Federal Reserve official’s news that the compliance regulations had been delayed once again.