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On Thursday, major news rippled across the internet gambling industry. House Financial Services Committee Chairman Barney Frank (D-MA) introduced HR 6870, the Payments System Protection Act. The bill ensures “that implementation of proposed regulations under subchapter IV of chapter 53 of title 31, United States Code, does not cause harm to the payments system, and for other purposes.” The new bill instructs the U.S. Treasury and Federal Reserve to work together with the Attorney General’s office to establish what is acceptable under the provisions of the Unlawful Internet Gambling Enforcement Act (UIGEA). The bill is expected to be marked up on Tuesday and is already on the schedule posted on the House Financial Services Committee website.

HR 6870 states, “The Secretary of the Treasury and Board of Governors of the Federal Reserve System may not propose, prescribe, or implement any regulation [of the UIGEA]… except to the extent as any such regulation pertains to wagering of the type that is prohibited under [the Wire Act] (relating to professional and amateur sports protection).” The UIGEA regulations that have been developed would immediately be suspended, except those related to online sports betting under the Wire Act of 1961.

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Online Poker Scene – Frank Introduces HR 6870; Will be Marked Up Tuesday

Author Contact Info: Dan Cypra, PocketFives.com

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