Impending Regulations/Reality Check

[adanthar]

my fairly informed guess is that nobody is naming company names in the proposed comment period of the regs, for the basic reason that these are proposed regulations and not a criminal/civil probe.

in other words, when the regs come out, they will have steps for banks to take and steps for e-wallets to take but will not have anything about "epassporte", "Citibank" or "WSEX" in the text. nor should they.

[permafrost]

[ QUOTE ]
Still depends on the specific regulations permafrost.

If the regulations tell my bank it is now "illegal" for them to send my money to ePassporte then both ePass and myself have standing to challenge those regulations in court (and I, for one, will definitely do so - online poker is NOT illegal under NH law in my professional legal opinion). Same is true for FTP.

The DOJ knows that, I believe, and therefore will not likely specify "banned" sites. Or maybe they will only specify sportsbetting sites (a great result for us). Or maybe they will exempt states like NH (though online casino games are possibly illegal in NH, offline certainly are...I have said before it gets complex). We shall see.

Skallagrim

[/ QUOTE ]

But why would epassporte be on an "illegal" list due to UIGEA if they weren't into unlawful internet gambling, which I assume they are not? Yes, if they were blacklisted per UIGEA for no reason, go to court.

My point is epassporte, moneygram, etc. will be some of the group of financial businesses expected to prevent restricted transactions to the listed sites. A financial only business won't make the list for any reason that is apparent.

[oldbookguy]

JP I can make one comment, it is certain they will be a mixed up mess like the UIGEA.

I was just reading the new cafeteria plan regs published today by the IRS / DoJ and wow, I am amazed it takes so many pages and so many codes to define what is and is not a plan and who may / may not participate and how employees are to be taxed on it.

If that simple task take all that, oh no.......

For a good laugh at government efficiency take a look:
http://www.regulations.gov/fdmspublic/component/main

obg

[Skallagrim]

If my bank is not told to block ACH transfers to Epass, and Epass continues to work at FTP, then I am quite happy.

If Epass is told not to transfer to FTP, or is blacklisted because it does business with FTP, I am unhappy and will go to court.

Thats as simple as I can put it perma.

Skallagrim

[JPFisher55]

[ QUOTE ]
If my bank is not told to block ACH transfers to Epass, and Epass continues to work at FTP, then I am quite happy.

If Epass is told not to transfer to FTP, or is blacklisted because it does business with FTP, I am unhappy and will go to court.

Thats as simple as I can put it perma.

Skallagrim

[/ QUOTE ]

Skall, what about all the other online poker sites that serve the US market?

[Skallagrim]

JP

[img]/images/graemlins/wink.gif[/img]

Skall

[Fedorfan]

[ QUOTE ]
can someone please explain to me, since i dont have vast knowledge in this subject, how PAPER CHECKS and things like Western Union and MONEYGRAM will be affected by the regs. because from what i have heard PAPER CHECKS are not addressed and the way the WESTERN UNIONS of the world operate, it seems near to impossible to trace....i kind of feel like the worst was over from 6-9 mos. ago when the likes of NETELLER and FIREPAY left the market.....like i said i am not the most knowledgeable on the subject but i really fervently feel the worst is behind us....

[/ QUOTE ]

i'm no expert but i did get caught up in the sportsbook cashout fiasco a few months back so learned first hand what can happen. Basically the check processors dropped sportsbook so we had no way to cashout for about 3 months, they eventually found new ones, but it seems they can also easily be dropped. For instance when they originally got the check cashout back up and running, within a few weeks the processor that handled checks over 2.5k stop doing business with them, so only cashouts under 2.5k were getting processed. It sucked pretty hard but after months of waiting i eventually got all my money by 2.5k check increments. ( sbr sportsbook)

[permafrost]

Thanks, glad it's simple to you, because it is hard to some of the rest of us.

[ QUOTE ]
If Epass is told not to transfer to FTP, or is blacklisted because it does business with FTP, I am unhappy and will go to court.


[/ QUOTE ]

If epassporte is told not to send funds to FTP under UIGEA, it seems logical that someone is really sure that FTP is an unlawful internet gambling site per a specific law. Your court complaint or epassporte's complaint would be with the specific law that makes FTP unlawful, right?

[MiltonFriedman]

" If epassporte is told not to send funds to FTP under UIGEA,it seems logical that someone is really sure that FTP is an unlawful internet gambling site per a specific law. "

Sorry, I do not see what "logic" of yours leads you to dismiss the possibility of a political decision to bring an unwarranted blacklisting of FTP for political gain*.

Just remember ALL 8 US Attorneys fired by DOJ last year were Good Republicans, backed by their senior Republican Senator in most cases. If DOJ would slaughter its own, for perceived political advantage; what makes you conclude "logically" that the same Department would be above an unwarranted prosecution or blacklisting or two, if it suited a political end rather than a legal one ?

(* FWIW, I do not think a "site list" will be part of the Regs, that would be foolish as it would draw a clear line, ... not something DOJ wants to do or give up as to poker.)

[permafrost]

[ QUOTE ]
Sorry, I do not see what "logic" of yours leads you to dismiss the possibility of a political decision to bring an unwarranted blacklisting of FTP for political gain*.



[/ QUOTE ]

Wow, I just plain forgot we were dealing with reality. Political gain is no doubt a fine reason for FTP to be put on a list. Someone would have a great gain by adding FTP, for sure.

This will mean an extensive blacklist people. Got to get plenty of political gain while they can. I wonder why they are delaying these huge political gains instead of springing the list many months ago? Are they savoring our agony before finishing us in one bloody, power mad finale?