Banks: Planned Net-gambling curb could disrupt e-commerce - CNET News.com

Banks: Planned Net-gambling curb could disrupt e-commerce
Posted by Declan McCullagh

Banks, credit card companies, and some Democratic members of Congress are predicting that forthcoming restrictions on Internet gambling will ensnare innocent customers and threaten the viability of e-commerce.

The criticism came at a congressional hearing on Wednesday devoted to the Unlawful Internet Gambling Enforcement Act, enacted in 2006 by a Republican Congress after pressure from social conservatives. The Federal Reserve and the Treasury Department published draft regulations last fall--which financial institutions say will disrupt perfectly legal transactions unless dramatic changes are made before the rules take effect.

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