The Treasury Department and Federal Reserve postponed implementation of new regulations that barred banks from accepting payments used to settle online gambling debts from Dec. 1 to June 1, The Wall Street Journal reported. In their announcement, federal officials said several members of Congress, including Senate Majority Leader Harry Reid, D-Nev., and Rep. Barney Frank, D-Mass., argued the Unlawful Internet Gambling Enforcement Act fails to provide a clear definition of Internet gambling.
The law was passed in 2006 and the administration of President George W. Bush published regulations in 2008.
Frank supports regulating Internet gambling instead of a ban.
Michael Waxman, a spokesman for the Safe and Secure Internet Gambling Initiative, welcomed the delay.
"This decision is the latest evidence that momentum is building for a shift in policy and a rewrite of U.S. Internet gambling laws to provide for regulation and taxation instead of prohibition," Waxman said. "Over the next six months, Congress should act to create a framework that regulates Internet gambling to protect consumers and collect billions in much-needed revenue for critical federal and state government programs."
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