BioStem Technologies Inc. (BSEM)

[sssneo]

Four bills with content pertaining to Internet gambling have been introduced during the 111th Congress. They are detailed below:
http://www.americangaming.org/federal_issues/issues.cfv?ID=9

The Internet Gambling Regulation Consumer Protection and Enforcement Act (H.R. 2267)
In May 2009, Rep. Barney Frank (D-Mass.) introduced the Internet Gambling Regulation Consumer Protection & Enforcement Act of 2009. The bill is similar to legislation he introduced during the 110th Congress and would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States. Currently, the bill has 69 cosponsors. On July 28, 2010, this bill was reported out of the House Financial Services Committee by a vote of 41-22.

Reasonable Prudence in Regulation Act (H.R. 2266)
A second piece of legislation introduced by Rep. Frank in May 2009 is the Reasonable Prudence in Regulation Act, which calls for a one-year delay in the date for compliance with regulations pursuant to the Unlawful Internet Gambling Enforcement Act (UIGEA) passed in 2006. Currently, the bill has 57 cosponsors.

Internet Gambling Regulation and Tax Enforcement Act of 2009 (H.R. 2268)
Introduced by Rep. Jim McDermott (D-Wash.), this legislation is the companion to Rep. Frank’s bill that would license and regulate Internet gambling. Under this bill, any establishment licensed under Rep. Frank’s legislation would be required to pay a two percent fee (i.e. federal tax) on all deposits. In addition, the bill would increase the protection against tax cheating. Currently, the bill has five cosponsors.

Internet Poker and Games of Skill Regulation, Consumer Protection, Enforcement Act of 2009 (S. 1597)
On August 6, 2009, Sen. Robert Menendez (D-N.J.) introduced legislation to legalize and regulate games of skill on the Internet. The legislation would create a federally-managed licensing program for Internet poker operators, with state and tribal regulators able to qualify to perform regulation, and states and tribal jurisdictions able to "opt out" of allowing legalized Internet poker. The bill currently has no cosponsors in addition to Sen. Menendez and was referred to the Senate Finance Committee.

The Bipartisan Tax Fairness and Simplification Act of 2010 (S. 3018)
Sens. Ron Wyden (D-Ore.) and Judd Gregg (R-N.H.) introduced the bill which, among its many provisions, would use taxes and licensing fees on Internet gambling as a revenue generator to offset reductions in federal tax revenues. The bill has been referred to the Senate Finance Committee and currently no cosponsors other than Sens. Gregg and Wyden.