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Too much money is at stake for the US to keep the law, finally someone with some brains is doing something about it.
Part that concerns me is:
“But while Frank and Conyers are “powerful potential allies, it is far from clear that the lawmakers would have enough support to pass any meaningful legislation” because it is not clear “whether the votes would be there for a regulatory bill”.
I wonder what kind of “Regulations” do they want to impose. I can see them passing the Repeal on the UIGEA, but keeping in clauses that make Affiliates in jepoardy of Aiding and Abetting. Just cause they regulate it somehow, does not mean they will allow affiliates to continue to operate.
Pearl
This has nothing to do with the money. This has everything to do with the banking industry and the burden that has been placed on them. This is nothing but a stall tactic, and it will work. From here it will take some real serious lobbying to get something regulated. This is a huge step, but this effort is to help the banking industry, that is the first step, and that is the intention here. If I am wrong, someone tell me, I want to know.
Dan
I agree with Dan – it’s the banking sector. The online gambling websites have long chosen to run istead of fight, and I dont think, other than poker, that there are any e-gambling lobbies.
I dont see this news as any solution, but just a step in the right direction. It will take more action to remove the UIGEA. The online gambling industry now has the best chance of lobbying for removal, but I dont think that it will be taken advantage of. Too bad.
This is the best news I’ve heard in a long time. :bigsmile: :thumbsup:
Let’s not celebrate too early here. I agree with others in that the Banking sector is probably up in arms over the regulations that are being imposed on them, and I’m sure that’s where this is coming from.
Legislation doesn’t just get repealed in a heartbeat. This will take years to repeal, if in fact it does get repealed. Washington is a slow moving train, and further, this is a politically-sensitive issue, so don’t expect resounding support for repeal, particularly after it passed overwhelmingly (even though it was a rider).
Sorry to be negative here, but just trying to throw a dose of realism on this. The damage has been done, and the industry will never be the same, no matter how you slice and dice it. I surely hope it gets repealed, but don’t look for this to be a golden nugget panacea, because it won’t be.
Perhaps, on the bright side, with all the crap going on in the Attorney General’s office, we will someday see our NETeller funds……
Poker Dude
You are on the money.
This is a step in the right direction. That is all. I hope the press really gobbles this up.
Dan
Dan___SF wrote:…This has everything to do with the banking industry and the burden that has been placed on them.Spot on.
Poker Dude wrote:…Let’s not celebrate too early here… Legislation doesn’t just get repealed in a heartbeat. This will take years to repeal, if in fact it does get repealed…Spot on.
Poker Dude wrote:…don’t expect resounding support for repeal…Isn’t that where we’re supposed to pick up the ball and run?
john1124 wrote:…it is far from clear that the lawmakers would have enough support to pass any meaningful legislation”See above.
Stupid wrote:and I dont think, other than poker, that there are any e-gambling lobbies.Poker has the only lobby that does it publicly.
Indeed. Finally, a representative of the American people opens the window to let some fresh air in. :rockband:
Ziggy wrote:Finally, a representative of the American people opens the window to let some fresh air in. :rockband:That window is sealed up tight, he’s only tapping on the glass. I imagine he has received enough of his local constiuents for it to justify him taking up the action.
While it’s great that barney frank doesn’t like it, it’s not likely george bush would sign legislation to repeal the law. If he vetos, it’s not likely 2/3 of the congress will vote to override. So it likely after the next election, before a repeal can happen. I imagine if the goal is let the banks off the hook, they could change some of the regulations to loosen up on banks.
As good as a repeal sounds, i can’t see politicians lined up to “repeal” a ban on internet gambling. Despite our outrage and that of players, there is no great protest movement pushing Congress to act. If they can’t agree on what to do in a war that 60-70% of the country wants out of, how are they going to get this changed.
Everyone knows what an optimist I am:sarcasm: ….so, I sure hope (for all of us) i’m wrong and this gets repealed soon.
I don’t like it …. but I can’t help but agree 110% with AC’s pov.
just ain’t gonna happen. *I too … hope I’m wrong.
just how many bills did Bush Veto so far?
0 i think
There’s also one other thing that should be considered. Quoting the Financial Times: “I am working on legislation to cut back on this Internet gambling thing,” the FT cited Frank as saying on its Web site, referring to last year’s law. “I think it’s preposterous,” and the law is one of the “stupidest” ever passed, the FT cited him as saying. “Maybe we can make some money off it,” he added.
Money makes the world go round and this attempt might have more backing that it would seem at first glance. This is how the government can get back in the race without having to admit fault of any kind by the Republicans and their Moral Agenda and the Democrats can come out of this as defenders of citizens rights and the government can tax the hell out of it as payment for sins.
I really wish I could read the complete Financial Times article. If anyone has a copy could you post it here? Don’t link to FT as its subscription only access.
