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November 11 - For two years, online gambling proponents have been pressurizing the United States government to re-examine its decision to finalize the Unlawful Internet Gambling Enforcement Act, thereby forcing banks and credit companies to implement this controversial law.
These groups have always argued, and rightfully so, that the law simply cannot be implemented because of the vague and ambiguous wording used in UIGEA, making it practically impossible for banks to understand what is exactly required of them.
Special Congressional hearings have been held on the issue, and it was believed that some headway had been made, especially due to the efforts of politicians such as Barney Frank.
Therefore, anti-UIGEA groups were shocked to hear last week that the United States Treasury Department has decided to put its foot on the gas regarding the actual implementation stage of the law, after two years of pressure and debate.
Many are wondering whether the sudden rush to have the law implemented now has nothing to do with the fact that President George W. Bush is preparing to leave the White House to allow President-elect Barack Obama move in. Analysts believe that the Republicans want to have one last attempt at banning online gambling once and for all and are pushing to implement the law, under the pretense that this stage is simply the culmination of two years of hard work in order to get to this point.
One industry analyst, Tom Brelry said: "If these regulations do get passed and are put in place, we are looking at a major financial crisis for banks and individual states. With the economy already in shambles and so many states relying on gambling revenue from state lotteries, this would be catastrophic for the United States."
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