US Democrat Barney Frank is considering a bill to repeal last year’s anti-gambling legislation according to a spokesperson for the congressman, who chairs the House of Representatives Financial Services Committee.
Frank’s office confirmed that he was considering legislation, but added he had not drafted thebill and had no timetable for legislation.
According to the UK’s Financial Times newspaper, Frank called the law the ’stupidest ever passed’ and wrote on his website: “I am working on legislation to cut back on this Internet gambling thing.
“I think it’s preposterous… maybe we can make some money off it,’ he added.
CryptoLogic Temporarily De-Lists Stock Shares
CryptoLogic, a leading e-gaming software developer and supplier catering to the online casino, poker and bingo market, has applied to de-list its shares from the Toronto Stock Exchange, the NASDAQ, and the
Official List of the UK Listing Authority. It will also cancel trading in its shares on the London Stock Exchange’s EEA Regulated Market.
The move follows the company’s decision to relocate its headquarters from Canada to Dublin, Ireland to be nearer to its large European customer base.
A new parent company, CryptoLogic Ltd, is expected to be listed on the TSX, NASDAQ, and UK Official List in June, according to a company release on Hemscott.com.
Democrat Barney Frank Files Bill to Repeal UIGEA
Finally, someone from the Congress steps up to the plate and files a bill to repudiate Bush and the Republicans’ stupid law – the Unlawful Internet Gambling Enforcement Act (UIGEA).
Just six months after President Bush signed a law outlawing online gambling, a key Democratic politician has proposed lifting the ban.
Rep. Barney Frank, a Democrat from Massachusetts and chairman of the House Financial Services Committee, on Thursday introduced a bill that would replace the current broad prohibition with strict regulations, including criminal background checks and financial disclosure, imposed on companies that seek to offer legal Internet gambling.
“The existing legislation is an inappropriate interference on the personal freedom of Americans and this interference should be undone,” Frank said. His bill is called the Internet Gambling Regulation and Enforcement Act (PDF).
Last year’s legislation tried to eliminate many forms of online gambling by targeting Internet service providers and financial intermediaries, namely banks and credit card companies that process payments to offshore Web sites.
Those sites included ones like Bodog Sportsbook, Casino and Poker of Costa Rica. Estimates typically put Internet gambling revenue at more than $12 billion a year.
The bill never received a formal up-or-down vote in the entire Congress. Instead, Republican congressional leaders have been criticized for gluing it onto an unrelated port security bill. The Senate unanimously approved the port security measure and it cleared the House of Representatives with only two dissenting votes.
Frank argues that because nearly all states already permit some form of traditional gambling–including lotteries, betting on horse and greyhound racing, and sports wagering–the federal government should legalize and regulate the online togel hongkong equivalents. Instead of a blanket legalization, his legislation would require the Treasury Department to police the industry and ensure that it takes adequate steps to identify minors and compulsive gamblers.