Payments System Protection Act of 2008

Congressman Barney Frank (D-Mass.) has just introduced and then was passed the Payments System Protection Act of 2008 which basically nullifies the UIGEA (Unlawful Internet Gambling Enforcement Act) that put the burden of policing internet gambling activities on the banks, expecting them to recognize and then deny any transfer of funds done to offshore gambling sites.

This was an unfair expectation of the United States banking industry especially at a time when it needs to be focused on the economy and not on whether or not John or Jane Doe are betting on blackjack in the privacy of their own homes.

The Payment System Protection Act still has a way to go but it has passed all the early stage obstacles with a momentum that is expected to carry it to law. Barney Frank (D-Mass.) tried earlier to get a similar bill through congress but met with limited success because much like the law the Payment System Protection Act seeks to diminish, the Barney Frank's first attempt was viewed as too vague or lacking in some area which has now been addressed by this newest attempt.

To date the time of this writing (fall of '08) not one USA citizen has ever been charged with any kind of legal action concerning online gambling with exception to those that wager on sports who have been warned that while casino and poker gambling are still grey areas, that sports betting using any kind of telephone based communication is definitely breaking the law.

Payments System Protection Act of 2008 is a step in the right direction for change. Some common sense is being shown, a talent in short supply during the Bush administration.