View Full Version : Great News, however...
...isnt this only part of the problem that is solved? From what I understand isnt there going to be a lot of pressure on the US banks not to accept any transactions from online gambling sites or facilitators (netteller)?
Of course I can be interperting the recent news incorrectly, and I really hope I am,but isnt this the real teeth in the bill?
Sniper
10-11-2006, 08:45 PM
That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
MasterLJ
10-11-2006, 08:45 PM
Yes, that is my non-qualified opinion as well. It's going to be a question of whether banks will deny transactions from Neteller 9 months from bill signage. The good news is that we've maintained about 80-90% of the status quo until then (of course, that highly depends on who you ask).
While these may be the real teeth to the bill, it was not the real danger.
The real danger turned out to be the "self-regulation" based on this bill that some sites saw as the way to go. This will make it easier for all the other smaller sites to stick around, which in turn will make it harder from a practical point to enforce the bill by the banks.
Lawman007
10-11-2006, 08:59 PM
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That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
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Bear in mind that that is a maximum of 270 days. If they promulgate the regs in 30 days or 60 days or whenever, then that is when they will go into effect.
ChipStorm
10-11-2006, 09:12 PM
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That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
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And you know what else comes in the next 270 days? An election. If the Democrats take a chamber or two of Congress, the UIGEA stuff will be the last thing on anyone's radar screen in all of Washington D.C.
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That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
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I'm sure it will be on the radar of the people who are legally obligated to write the damn regulations.
And you know what else comes in the next 270 days? An election. If the Democrats take a chamber or two of Congress, the UIGEA stuff will be the last thing on anyone's radar screen in all of Washington D.C.
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That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
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And you know what else comes in the next 270 days? An election. If the Democrats take a chamber or two of Congress, the UIGEA stuff will be the last thing on anyone's radar screen in all of Washington D.C.
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It will also already be law. A law requiring The Secretary of the Treasury and the Board of Governors of the Federal Reserve System to promulgate implementing regulations within 270 days.
whangarei
10-11-2006, 09:52 PM
[ QUOTE ]
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That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
[/ QUOTE ]
And you know what else comes in the next 270 days? An election. If the Democrats take a chamber or two of Congress, the UIGEA stuff will be the last thing on anyone's radar screen in all of Washington D.C.
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It will also already be law. A law requiring The Secretary of the Treasury and the Board of Governors of the Federal Reserve System to promulgate implementing regulations within 270 days.
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True, but just as the original law was a product of the political environment in D.C., I would guess the nature of the regs will also be a product of the (hopefully improved) political environment.
Sniper
10-11-2006, 10:34 PM
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That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
[/ QUOTE ]
Bear in mind that that is a maximum of 270 days. If they promulgate the regs in 30 days or 60 days or whenever, then that is when they will go into effect.
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Lawman, at the moment, it is impossible for anyone to say how long it will take for the fed to come up with regs... or exactly what those regs will be...
However, it is not true that once the feds come up with them, that is when they go into effect. Technically, they will not go into effect until the banks then take action to follow them. That would be "phase 3".
AND... just to throw another thing out there, the regs may give the banks years to comply... they may tell the fed that its impossible to comply... it may take years to implement the changes necessary to comply... etc...
Regardless, anyone who wants to play will find a way to get money into the poker sites (that continue to take US business).
I wouldn't be surprised to see shareholder lawsuits filed against Party and other publically traded companies who closed out their US business...
Lawman007
10-11-2006, 10:52 PM
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Technically, they will not go into effect until the banks then take action to follow them. That would be "phase 3".
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I don't pretend to be an expert in this area. You may very well be, for all I know.
However, I find it very difficult to believe that the regs won't go into effect until the banks take action to follow them. If that were the case, then the banks could prevent the regs from ever going into effect by simply never beginning to follow them.
I agree that those promulgating the regulations will decide how long the banks have to comply with them. My point was that it will not necessarily be 270 days before this happens.
Sniper
10-11-2006, 11:04 PM
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If that were the case, then the banks could prevent the regs from ever going into effect by simply never beginning to follow them.
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This IS a possibility...
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My point was that it will not necessarily be 270 days before this happens.
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This IS another possibility...
However, no one can speak with any authority as to what will happen... and fearing the worst is not helpful.
... especially, when the worst may continue to be business as usual /images/graemlins/wink.gif
reddog12
10-11-2006, 11:21 PM
Isn't another big worry about the legislation the possibility that one day you simply won't be able to access the poker sites?
If the ISPs are given a list of sites and told to block access, I assume they will.
I hope I'm wrong about this.
Sniper
10-11-2006, 11:42 PM
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Isn't another big worry about the legislation the possibility that one day you simply won't be able to access the poker sites?
If the ISPs are given a list of sites and told to block access, I assume they will.
I hope I'm wrong about this.
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I believe the legislation refered to links... I don't know about you, but I don't access poker sites thru links... the main concern with this part of the legislation is its possible effect on US affiliates.
permafrost
10-11-2006, 11:55 PM
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Isn't another big worry about the legislation the possibility that one day you simply won't be able to access the poker sites?
If the ISPs are given a list of sites and told to block access, I assume they will.
I hope I'm wrong about this.
[/ QUOTE ]
I believe the legislation refered to links... I don't know about you, but I don't access poker sites thru links... the main concern with this part of the legislation is its possible effect on US affiliates.
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An "interactive computer service" can be given notice to block access to offending online sites and/or remove links to such sites.
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True, but just as the original law was a product of the political environment in D.C., I would guess the nature of the regs will also be a product of the (hopefully improved) political environment.
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The Fed is independent of any legislative oversight. The Treasury department is a part of the executive branch. Henry Paulson, the Secretary of the Treasury, is a member of Bush's cabinet.
whangarei
10-12-2006, 05:30 AM
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True, but just as the original law was a product of the political environment in D.C., I would guess the nature of the regs will also be a product of the (hopefully improved) political environment.
[/ QUOTE ]
The Fed is independent of any legislative oversight. The Treasury department is a part of the executive branch. Henry Paulson, the Secretary of the Treasury, is a member of Bush's cabinet.
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True, but I would still think there'd be some "carryover" if the legislative balance of power changed.
Mr. K, Berge, any insight?
benfranklin
10-12-2006, 10:46 AM
[ QUOTE ]
[ QUOTE ]
That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
[/ QUOTE ]
Bear in mind that that is a maximum of 270 days. If they promulgate the regs in 30 days or 60 days or whenever, then that is when they will go into effect.
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Please, we are talking about the government. If the over/under line on this was 269 days, I'd bet the over.
Artsemis
10-12-2006, 11:03 AM
[ QUOTE ]
[ QUOTE ]
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That poker sites are sticking around, addresses the immediate concern... the next "phase" will be when the Fed starts talking about the Regulations it will put in place, for which it has 270 days to come up with them.
[/ QUOTE ]
Bear in mind that that is a maximum of 270 days. If they promulgate the regs in 30 days or 60 days or whenever, then that is when they will go into effect.
[/ QUOTE ]
Please, we are talking about the government. If the over/under line on this was 271 days, I'd bet the over.
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fyp, and I'm 100% serious.
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