WASHINGTON, Nov. 27 (UPI) -- U.S banks have another six months to comply with regulations aimed at preventing Internet gambling, federal officials said Friday.
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."
