Some top banking official told Congress that Barney Frank's regulatory plan for online casinos and online sport betting sites would solve the difficulties posed the financial industry by the UIGEA ban.
Samuel Vallandingham, a Vice,-President of the First State Bank of Barboursville, West Virginia, and is also vice-chairman of the Payments and Technology Committee of the Independent Community Bankers of America said, “The added burden of monitoring all payment transactions for the taint of unlawful Internet gambling would drain finite resources currently engaged in complying with anti-terrorism, anti-money laundering regulations, the plethora of new regulations emerging from the financial crisis and the daily operation of community banks to meet the financial needs of their customers”.
Samuel Vallandingham also discussed the scarcity of exposition of illegal online gambling provided in the UIGEA. Because no overriding law exists, he said, banks would have the problematic task of determining each customer's legality with regard to hundreds of state, federal, and local laws. Moreover, also mentioned that the card companies have the advantage of merchant coding to more easily classify casino and gambling transactions, but also pointed out that coding depends on full disclosure by merchants, asking Internet gaming operators to essentially give themselves up.
On the brighter side, some online gambling providers supports the online casino regulations to prevent online gambling and online sports betting scams and other falacies. Like Youbet Chairman Mike Brodsky was amomng the staunchest supporters of regulation, even though the online casino ban supposedly gives the horse race betting his site allows an exemption from blocking of payments. Mike Brodsky said, “Illegal internet gambling in the U.S. is happening right now and is growing, The only way to put any controls is to legalize and regulate it ”.
Also the Harvard University Professor, Malcolm Sparrow support and said, “The U.S. incurs all of the social costs related to U.S. residents gambling online, Legalization with regulation would provide U.S. authorities the power to grant or deny licenses. ”
Last May 2009, Chairman Barney Frank introduced legislation to delay the implementation of regulations pursuant to the 2006-passed UIGEA, which are set to go into effect December 1, 2009. The regulations were completed by the Bush Administration at the last minute, and the legislation will stop federal regulators from enforcing the UIGEA until Congress has had a chance to decide national policy.
Chairman Barney Frank has also introduced H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009, that would establish a federal regulatory and enforcement framework under which online gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States.
Samuel Vallandingham, a Vice,-President of the First State Bank of Barboursville, West Virginia, and is also vice-chairman of the Payments and Technology Committee of the Independent Community Bankers of America said, “The added burden of monitoring all payment transactions for the taint of unlawful Internet gambling would drain finite resources currently engaged in complying with anti-terrorism, anti-money laundering regulations, the plethora of new regulations emerging from the financial crisis and the daily operation of community banks to meet the financial needs of their customers”.
Samuel Vallandingham also discussed the scarcity of exposition of illegal online gambling provided in the UIGEA. Because no overriding law exists, he said, banks would have the problematic task of determining each customer's legality with regard to hundreds of state, federal, and local laws. Moreover, also mentioned that the card companies have the advantage of merchant coding to more easily classify casino and gambling transactions, but also pointed out that coding depends on full disclosure by merchants, asking Internet gaming operators to essentially give themselves up.On the brighter side, some online gambling providers supports the online casino regulations to prevent online gambling and online sports betting scams and other falacies. Like Youbet Chairman Mike Brodsky was amomng the staunchest supporters of regulation, even though the online casino ban supposedly gives the horse race betting his site allows an exemption from blocking of payments. Mike Brodsky said, “Illegal internet gambling in the U.S. is happening right now and is growing, The only way to put any controls is to legalize and regulate it ”.
Also the Harvard University Professor, Malcolm Sparrow support and said, “The U.S. incurs all of the social costs related to U.S. residents gambling online, Legalization with regulation would provide U.S. authorities the power to grant or deny licenses. ”
Last May 2009, Chairman Barney Frank introduced legislation to delay the implementation of regulations pursuant to the 2006-passed UIGEA, which are set to go into effect December 1, 2009. The regulations were completed by the Bush Administration at the last minute, and the legislation will stop federal regulators from enforcing the UIGEA until Congress has had a chance to decide national policy.
Chairman Barney Frank has also introduced H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009, that would establish a federal regulatory and enforcement framework under which online gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States.
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