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Last weeks introduction of legislation to regulate online casinos on the part of Representative Barney Frank was certainly very exciting; so exciting in fact that many people do not realize that he introduced more than one bill that has to do with the future of online casinos in the United States.  As a matter of fact the secondary bill that has gone unpublicized may have more to do with the immediate future of online casinos than the regulation bill.

Along with his bill that proposed the United States Treasury hold regulator jurisdiction over online casinos and the Internet gambling industry in the United States, Frank also introduced the Reasonable Prudence in Regulation Act.  This bill is sort of like the action movie explosives expert that will pull the wire on the ticking time bomb that is the Unlawful Internet Gambling Enforcement Act.

“Representative Frank did a smart thing by proposing two separate Bills,” said Mitch Kreely, an industry observer.

“This way, if the Bill that would legalize online gambling takes longer than expected to pass, the UIGEA rules would not be allowed to go into effect.”

It was very important that Frank introduce this bill early on because of the action on the part of the Department of Justice in the last days of the Bush Administration.  The Department of Justice hurriedly implemented the Unlawful Internet Gambling Enforcement Act, giving financial institutions until December of this year to comply with the new regulations.   

The Reasonable Prudence in Regulation Act puts the breaks on that December deadline.  This gives legislators more time to really examine the issue of online casinos and will hopefully put an end to the rush and hurry that has always surrounded the Unlawful Internet Gambling Enforcement Act. 

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