I e-mailed Firepay and asked for their assessment of the situation. Here's the response I received, which I'm sure has been sent in response to hundreds of similar inquiries:
"On 30 September 2006, the United States Congress passed the Unlawful Internet Gambling Enforcement Act of 2006.
The Act, upon becoming law, will prohibit gambling businesses from accepting any financial instrument in connection with unlawful Internet gambling.
The Act will become law upon its approval by the President of the United States, which the Company expects will occur in the immediate near term.
The Act does not define "unlawful Internet gambling" nor does it make unlawful any activities by financial institutions that are not themselves gambling businesses.
The Act directs the United States Federal Reserve and the Department of the Treasury to develop regulations that would direct financial institutions to identify and block certain types of financial transactions connected with unlawful Internet gambling.
The enactment of the Act will have a significant negative impact on the business and results of operations of the Company.
The Companys Board is evaluating the situation and will provide an update when appropriate.
If we can be of any further assistance, please do not hesitate to contact us."
"On 30 September 2006, the United States Congress passed the Unlawful Internet Gambling Enforcement Act of 2006.
The Act, upon becoming law, will prohibit gambling businesses from accepting any financial instrument in connection with unlawful Internet gambling.
The Act will become law upon its approval by the President of the United States, which the Company expects will occur in the immediate near term.
The Act does not define "unlawful Internet gambling" nor does it make unlawful any activities by financial institutions that are not themselves gambling businesses.
The Act directs the United States Federal Reserve and the Department of the Treasury to develop regulations that would direct financial institutions to identify and block certain types of financial transactions connected with unlawful Internet gambling.
The enactment of the Act will have a significant negative impact on the business and results of operations of the Company.
The Companys Board is evaluating the situation and will provide an update when appropriate.
If we can be of any further assistance, please do not hesitate to contact us."
