Comment Period

[John Paul]

Hello,
My belief is that in most cases where the US Goverment issues some new kinds of regulations, there is a public commnent period before the regualtions go into force. The period is generally something like 30 days. Does anyone know if there will be a comment period for the regulation from the internet gamlbing bill? If so it will give folks a heads up in terms of withdrawing money etc.

John Paul

[Tupacia]

Almost all U.S. regulations promulgated by Executive agencies use the "notice and comment" model, whereby the agencies give notice that they are passing X regulations and allow a certain period of time to enter comments into the public record. I forget offhand is the regulations are written before the comment period or after. However, given the controversial nature of these regulations, agencies may follow an alternative model called "regulatory negotiations" whereby they discuss the proposed rules with stakeholders (in this case, banks and ISPs but not the poker sites for obvious reasons). Agencies typically engage in regulatory negotiations when they feel that the rules may be difficult to enforce or ignored. No matter what happens, we will certainly know when regulations are being written.

[Berge20]

Normally they will put out a NPR (Notice of proposed rulemaking) after having some draft of where they want to go with the regulations. Then the comment period, then they finalize.

Comments do make a difference, but asking them to simply not write the regulations wont do much. If you have a legit point to argue as to why certain language in the rulemaking needs modified that's acceptable and may be useful depending on how things play out.

[jimmytrick]

The banks are going to say, which do you want us to priortize, terrorist money laundrying operations or Joe Everyday's $50 poker deposit.

The Feds are going to ask for an overhaul of the entire system that will allow someone in the DOJ to have access and total information on every single financial transaction that takes place worldwide.

They will settle for less.