U.S. Banks Comment on Gambling Legislation

By: change100 – October 02, 2006

The U.S. banking industry just issued some of their first comments on the internet gambling ban in this International Herald-Tribune piece. In a nutshell, despite the ban, banks will still be able to process transactions from Neteller, et. al. since these "online wallets" are not specifically wagering companies. Furthermore, most banks do not currently have technology in place to track deposits in the way the legislation would have them do. Thus, the law is unenforceable.

It's far from a silver lining, but at this point, I think we'll take whatever good news we can get.

 

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