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Potentially, some good news re: US Govt and Online Poker

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  1. BluffMagEric BluffMagEric is offline

    Marietta, GA
    United States

    Posts: 102
    Joined: May 06

    Feb 22nd, 2007 (2/22/2007 2:10pm)

    We can only hope!

    http://www.thisismoney.co.uk/investi...;in_page_id=23
  2. atptim atptim is offline

    Houston, TX
    United States

    Posts: 289
    Joined: Feb 07

    Feb 22nd, 2007 (2/22/2007 2:14pm) in reply to BluffMagEric

    I like to hear that there is a sprinkeling of sanity in congress. Write this rep a letter of encouragment if you get the time. Its pretty tough to repeal a law so soon after its passed though. I will take 5 years min. before there is enough momentum for that.
  3. BluffMagEric BluffMagEric is offline

    Marietta, GA
    United States

    Posts: 102
    Joined: May 06

    Feb 22nd, 2007 (2/22/2007 2:16pm) in reply to atptim

    at,

    I agree, but as you said, good to hear some good news for a change.
    Thread Starter
  4. MonkeyCowboy MonkeyCowboy is offline

    United States

    Posts: 6,869
    Joined: Apr 05

    Feb 22nd, 2007 (2/22/2007 2:17pm) in reply to BluffMagEric

    If only it were true.

    http://www.casinogamblingweb.com/gam...ded_36045.html
  5. atptim atptim is offline

    Houston, TX
    United States

    Posts: 289
    Joined: Feb 07

    Feb 22nd, 2007 (2/22/2007 2:24pm) in reply to MonkeyCowboy

    I freaking hate politics. Senator makes a statement like that, which I have no doubt he did. But then backpeddles when he is asked about the specifics of his position. There is a senator from Wisconsin (or somehwere around there) who is on the record as planning to introduce a bill to eliminate the criminal portion of the bill, but it probably won't go anywhere.
  6. bigfatstub bigfatstub is offline

    Arizona City, AZ
    United States

    Posts: 1,237
    Joined: Mar 06

    Feb 22nd, 2007 (2/22/2007 2:26pm) in reply to MonkeyCowboy

    how long the success of these sites will last once the 270 grace period of the UIGEA is over come summer time.

    Yea what happens when the 270 days comes about?

    stubbbbbbbbbbbbbby
  7. atptim atptim is offline

    Houston, TX
    United States

    Posts: 289
    Joined: Feb 07

    Feb 22nd, 2007 (2/22/2007 2:27pm) in reply to bigfatstub

    Cris Fergeson and Doyle Brunson get arrested for starters. High profile stakeholders in gambling sites that are US residents...
  8. MonkeyCowboy MonkeyCowboy is offline

    United States

    Posts: 6,869
    Joined: Apr 05

    Feb 22nd, 2007 (2/22/2007 3:24pm) in reply to bigfatstub

    There is no 270 day grace period. The federal reserve has 270 days to to come up with regulations.

    Sec. 5363. Policies and procedures to identify and prevent restricted transactions
    • `(a) Regulations- Before the end of the 270-day period beginning on the date of the enactment of this subchapter, the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, shall prescribe regulations (which the Secretary and the Board jointly determine to be appropriate) requiring each designated payment system, and all participants therein, to identify and block or otherwise prevent or prohibit restricted transactions through the establishment of policies and procedures reasonably designed to identify and block or otherwise prevent or prohibit the acceptance of restricted transactions in any of the following ways:
      • `(1) The establishment of policies and procedures that--
        • `(A) allow the payment system and any person involved in the payment system to identify restricted transactions by means of codes in authorization messages or by other means; and

          `(B) block restricted transactions identified as a result of the policies and procedures developed pursuant to subparagraph (A).
        `(2) The establishment of policies and procedures that prevent or prohibit the acceptance of the products or services of the payment system in connection with a restricted transaction.
      `(b) Requirements for Policies and Procedures- In prescribing regulations under subsection (a), the Secretary and the Board of Governors of the Federal Reserve System shall--
      • `(1) identify types of policies and procedures, including nonexclusive examples, which would be deemed, as applicable, to be reasonably designed to identify and block or otherwise prevent or prohibit the acceptance of the products or services with respect to each type of restricted transaction;

        `(2) to the extent practical, permit any participant in a payment system to choose among alternative means of identifying and blocking, or otherwise preventing or prohibiting the acceptance of the products or services of the payment system or participant in connection with, restricted transactions; and

        `(3) consider exempting certain restricted transactions or designated payment systems from any requirement imposed under such regulations, if the Secretary and the Board jointly find that it is not reasonably practical to identify and block, or otherwise prevent or prohibit the acceptance of, such transactions.
      `(c) Compliance With Payment System Policies and Procedures- A financial transaction provider shall be considered to be in compliance with the regulations prescribed under subsection (a), if--
      • `(1) such person relies on and complies with the policies and procedures of a designated payment system of which it is a member or participant to--
        • `(A) identify and block restricted transactions; or

          `(B) otherwise prevent or prohibit the acceptance of the products or services of the payment system, member, or participant in connection with restricted transactions; and
        `(2) such policies and procedures of the designated payment system comply with the requirements of regulations prescribed under subsection (a).
      `(d) No Liability for Blocking or Refusing to Honor Restricted Transactions- A person that identifies and blocks a transaction, prevents or prohibits the acceptance of its products or services in connection with a transaction, or otherwise refuses to honor a transaction--
      • `(1) that is a restricted transaction;

        `(2) that such person reasonably believes to be a restricted transaction; or

        `(3) as a designated payment system or a member of a designated payment system in reliance on the policies and procedures of the payment system, in an effort to comply with regulations prescribed under subsection (a),
      shall not be liable to any party for such action.

      `(e) Regulatory Enforcement- The requirements of this subchapter shall be enforced exclusively by--
      • `(1) the Federal functional regulators, with respect to the designated payment systems and financial transaction providers subject to the respective jurisdiction of such regulators under section 505(a) of the Gramm-Leach-Bliley Act and section 5g of the Commodities Exchange Act; and

        `(2) the Federal Trade Commission, with respect to designated payment systems and financial transaction providers not otherwise subject to the jurisdiction of any Federal functional regulators (including the Commission) as described in paragraph (1).'.
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