LII / Authorized Info Institute

It also authorizes the Federal Reserve System to create laws that prohibit monetary transaction providers (banks, bank card companies, etc.) from accepting these funds. See 31 U.S.C. § 5363(four). This Act, together with threats of prosecution underneath the Wire Act from the Department of Justice, has precipitated a number of Web gambling companies to withdraw from the U.S. In response, Home Representatives launched a number of payments in 2007 to soften federal Web playing legislation. If passed, the Web Playing Regulation and Enforcement Act and the Web Gambling Regulation and Tax Enforcement Act would license, regulate, and tax Internet playing companies fairly than prohibit them from taking bets from the United States. Alternatively, the Ability Recreation Safety Act would clarify the Wire Act to exempt sure video games reminiscent of poker and chess.

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