Friday was a big day for the online casino industry. In the US, laws were set to take place early next week that would have made it difficult for online players to get paid by their casinos. Friday, however, the Treasury Department decided that a delay was needed for the implementation of the rules for the Unlawful Internet Gambling Enforcement Act. That decision delayed the publication of those rules until June 1st. Online casinos had been concerned about their ability to stay in the US market once the rules were put in place. Now, these casinos hope that Representative Barney Frank has enough time to overturn the UIGEA with other lawmakers. "The Department of the Treasury and the Federal Reserve Board of Governor's deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush Administration which would curtail the freedom of Americans to use the Internet as they choose and which would pose unrealistic burdens on the entire financial community," said Frank is a statement on Friday. Frank did not stop there in his assessment of the decision on Friday by the Treasury Department. He also spoke of a time when Internet gambling will be regulated in the US. "This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush Administration and to undo this ill-advised law."
Source: http://www.newonlinecasinos.org/casinoarticles/739/1/893/Online-Casinos-Rejoice-Over-Delay-In-UIGEA-Regulations.html