Politically, I think this could work out well. The scenario could pan out thus:
Bush administration Treasury Dept pushes through the regs.
Banks scream “unworkable”
States with legal gambling scream “you’re killing us”
Obama administration takes over, anxious to set the country in a new direction, and hears the screaming
UIGEA gets on the fast track for review by a committee Barney Frank sits on
:cappy: