The implementation of the Unlawful Internet Gaming Enforcement Act, which was passed in the year 2006, has been put on hold for now. The UIGEA would make it illegal for banks to process any financial transactions dealing with internet gambling, especially online poker playing. The implementation of this legislation is going to be postponed by the United States Treasury, even though it should go into effect beginning on December 1, 2009. Horse racing and state lotteries were exempt from this new law.

The only form of monetary transaction banned by this law is one processed by a credit card. The limitations presented by this law have changed greatly over the past couple of months, removing the ban on wire transfers and bank checks. One reason that the delay of this new law is going to occur is the lobbying of the Poker Players Alliance, which has been working incredibly hard for the past couple of months.

There will be a hearing on December 3, 2009 regarding the delay of the legislation taking effect. Barney Frank, who began a petition to postpone the implementation of this law and promote regulation by the government, is expected to release a statement about the postponement shortly. Frank is also expected to hold a hearing about online gambling and the bill sometime next week, after the Thanksgiving holiday.

Frank is in favor of the law but having it regulate the internet gambling industry, which would tax earnings of players, giving the government a new way to make money and slowly but surely climb out of debt.