News analysis of Wednesday's hearing on UIGEA regulations - Casino City Times

Let's be perfectly clear here. Wednesday's congressional hearing on the Unlawful Internet Gambling Enforcement Act's (UGIEA) regulations exposed the anti-online gambling law as poorly constructed and nearly impossible to enforce. But it did not kill it by any stretch of the imagination. Instead, Congress sent regulators back to the drawing board with the hopes that they could clean up the enforcement mess that the UIGEA has created.

After the House Monetary and Technology Subcommittee heard testimony from six witnesses – two regulators and four representatives from the banking industry – three things became clear:

•The U.S. payment system is not designed to effectively identify and block online gambling transactions.
•Financial institutions need to know what unlawful internet gambling is, but the UIGEA doesn't offer any specific guidance.
•Financial institutions are highly uncomfortable being placed in the role of determining what is legal, and subsequently handing out any punishment (which also aren't specified in the UIGEA) to account holders for attempting to complete an "illegal transaction."

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