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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.

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