They Done Did It: Feds Finalize UIGEA Rules, Banks Have One Year to Clamp Down on Gambling Sites

Henrypaulson_Because now is a stellar time to burden our financial institutions even more by requiring them to follow some crappy, poorly worded law designed to make nanny state, far-right fascist politicians and the NFL happy, the U.S. Treasury Department and the Federal Reserve finalized the UIGEA rules today. You can read the entire 66 pages of legislative bull crap here.

We can’t really make heads or tails of what it says however Reuters dumbs it down for us explaining that the rules require “U.S. financial firms that participate in designated payment systems to establish and implement policies that are reasonably designed to prevent payments to businesses in connection with unlawful Internet gambling.”

Banks have until December 1, 2009 to comply.

As for what constitutes unlawful Internet gambling, the Treasury said: “For purposes of the rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is initiated, received or otherwise made.”

PPA Chairman and Former Senator Alfonse D’Amato fired back at the Treasury saying, “Today’s action finalizes a truly bad public policy—one that even the banks and Federal regulators called unworkable in Congressional testimony.

“However, the PPA remains optimistic that the new Administration and the new Congress will recognize the failures of UIGEA and will act swiftly in the New Year to overturn this flawed policy.”

Read Haley Hintze’s breakdown on the regulations over at here.


3 Responses

  1. smokkee

    November 12, 2008 11:26 pm, Reply

    this is extremely disappointing. has the PPA with all it’s support been able to put the brakes on anything to this point?
    [x] PPA owned by redneck KY court system
    [x] PPA owned by GW with one foot out the door
    fn joke

  2. DCMirage

    November 13, 2008 8:17 am, Reply

    Not to degrade from the reverence or magnitude of the original statement, but to paraphrase… “When they came for me,there was no one left to speak out!”
    PLEASE let your voice be heard! Go to the PPA site, and follow the guidance on what you can do. One minute of your time to complete a brief email and you have made a statement. NOW, it’s time to put up or shut up for our new administration. NO ONE can justify the damage caused by the outgoing gang of deceivers.

  3. mohawkdonkey

    November 15, 2008 9:24 pm, Reply

    this is absolutely horrible. It reminds me of a little thing called mandatory minimum sentences imposed on non-violent drug offenders. Good job politicians. You’ve passed another senseless law.

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