all of the obvious arguments about the sanity of taxing and regulating this industry aside, this bill is complete concrete proof our governement is nuts.
how in the world do they expect banks to enforce this? and apparently they really want to imprison a good number of law abiding US citizens.
they better start building more jails
how in the world do they expect banks to enforce this? and apparently they really want to imprison a good number of law abiding US citizens.
they better start building more jails
ope:On page 230 it clearly states that "no person engaged in the business of wagering or betting may accept payment"....
This refers to the SPORTSBOOK - not us.
This language is the same as what is in the Federal Wire Act of 1961 and was clarified in US vs Baborian.
Gamblers rest easy on this one.
This refers to the SPORTSBOOK - not us.
This language is the same as what is in the Federal Wire Act of 1961 and was clarified in US vs Baborian.
Gamblers rest easy on this one.
A few initial observations:
- I have not seen the term "money transmitting business" used in prior versions. It would appear that they are targeting Neteller, Firepay, etc. with this label.
- The bill gives the Fed 270 days to figure out a way as to how to enforce this.
- Paragraph 5364(b)(3) - page 233 - exempts any transactions or payment systems if they are not reasonably practical to indentify and block or otherwise prevent. I think the independent bankers assoc. should be able to weigh-in on this provision.
- I have not seen the term "money transmitting business" used in prior versions. It would appear that they are targeting Neteller, Firepay, etc. with this label.
- The bill gives the Fed 270 days to figure out a way as to how to enforce this.
- Paragraph 5364(b)(3) - page 233 - exempts any transactions or payment systems if they are not reasonably practical to indentify and block or otherwise prevent. I think the independent bankers assoc. should be able to weigh-in on this provision.
If voted in 9 months to implement enforcement plan, by attorney general and some other bureau. All transactions, all payments methods. Then when the bankers say we are all over transactions for home security, this will break our backs, the government will truly be out of the we are here to help you moods. Hard to say what they are going to do, besides identify transactions. It really says a bunch of nothing. I would be more afraid of Rico and Patriot than this.
Best Wishes...OF :howdy:
Best Wishes...OF :howdy:
