Damn! He came so close…
While the UIGEA has "been around" for about five years, it has only been legally enforceable for the last 10 months. To start, the current UIGEA was a "proposal" amendment tacked onto the SAFE Port Act in September 2006 and signed into law the following October. The proposal stipulated that the Federal Reserve and Treasury Department draft legislation for the UIGEA. That's all. They had 270 days to do so and it actually took about a year. From October 2007 to October 2008 the UIGEA was "tabled for discussion" as a "Notice of Proposed Rulemaking" and over 400 banks, advocacy groups, politicians, gambling entities, payment processors and consumers voiced dissent over it to the deaf ears of Washington.
In November of 2008, the "NPRM" was enacted as a "Final Rule", (ie, no more discussion or language tinkering,) and signed into law, and during the Bush Administration's 11th hour "midnight drop" it went into effect on January 19th, 2009, Bush's last day in office.
Now, even though it was a law, Congress simply couldn't start smacking indictments and lawsuits on everyone. They had to give everyone time to get their businesses in compliance with the new law. They gave everyone until December 1st, 2009 before they'd start prosecuting those who failed to follow the rules. But House Rep Barney Frank, D-Mass, challenged the UIGEA, introducing a bill to overturn it and another bill to delay its implementation until Dec 1st, 2010. The first failed and the latter was only half successful, delaying enforcement until June 1st, 2010. That's when the DOJ's gears started cranking. Not 5-6 years ago, but slightly over ten months ago.
I don't disagree with his conclusions, just his timeline. Feel free to post this over there. I would, but I just don't feel like signing up for anymore sites right now.