The deadline for the infamous UIGEA is Dec 1st, 2009
We let history be the judge of the presidency of George W. Bush.
But what all poker and online poker players know is that one of his last actions as the president of the United States was to use sneaky technical maneuvers in so-called midnight regulations to enact the .
As you certainly remember, UIGEA's main purpose is to prohibit money transfers related to online gambling.
Now has come the time of its deadline as of December 1st, 2009. What this means is that the Federal Reserve and the financial system must comply with the new law and forbid all financial transactions deemed illegal because they result from gambling activity.
PPA attempts to postpone the UIGEA deadline
The Poker Players Alliance has been lobbying on behalf of all online poker players to revoke the UIGEA, and in particular to postpone the December deadline by one year. The truth of the matter is that it is not clear if American banks are ready for this and what changes will occur after the deadline.
On a positive note, there is good hope that the tide is changing in favor or online poker players, as a new Congressional report recently released showed that regulating the online poker industry instead of prohibiting it would generate over $41 billion in tax over the next decade.
After financing the biggest financial bailout in American history and still struggling to find a sustainable solution to the healthcare reform, the US government should welcome this unexpected source of funding to refill its coffers.
This report published by the Joint Committee on Taxation could not come at a better time for the PPA. Its two main backers in Congress Rep. Barney Frank and Rep. Jim McDermott were jubilating when they heard the news. Asked to comment, McDermott declared:
"I suspect that many of my colleagues, especially those on the fence, will take more interest in this issue once they see $41 billion available that they can match up with any number of worthy programs. I would suspect it's only a matter of time before Congress appropriately moves to regulate the industry in order to protect consumers and reverse the flow of billions of dollars currently lost offshore as Americans gamble billions online despite attempts to prohibit the activity."