Six months hold on implementation granted
The speculation earlier this week was correct; the U.S. Treasury and Federal Reserve on Friday delayed the implementation date for the controversial UIGEA regulations for six months, a move that gives lawmakers time to clear up confusion over illegal practices or overturn the ban, reports the Reuters news agency.
In a joint statement, the Treasury and Fed said the December 1 2009 implementation date for the law passed in 2006 would not be achievable for some financial institutions. They set a new compliance deadline of June 1, 2010.
"Commentators expressed concern that the Act and the final regulation do not provide a clear definition of 'unlawful Internet gambling,' which is central to compliance," the two agencies said.
In addition, they said certain members of Congress have "expressed an intent to consider legislation that would allow problematic aspects of the act to be addressed."