The Payments System Protection Act (H.R. 6870), approved today by the House Committee on Financial Services, would direct the Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to appoint a special Administrative Law Judge to define the types of unlawful online gambling and conduct an economic impact study on the costs for compliance. The enactment of the bill would have the practical impact of delaying implementation of the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) regulations through a process designed to ensure that the regulations do not impair the functioning of the U.S. payments system, or inappropriately prevent legal online transactions.

Yet another Barney Frank’s bill. Just a bill, as of today.

As I understand it, “wagers on sports” (thru TradeSports, for instance) would still be illegal.

Via the ultra mysterious Bo Cowgill at Google Reader.

About Chris F. Masse

Founder and President of Midas Oracle