@AC 20:16
To understand what's going on here you need to know about the legislation this is designed to replace - the UIGEA, sponsored by Bill Frist and anti-democratically tacked onto the Safe Ports Bill at the very last minute, so that most representatives didn't even have time to read what they were voting on.
The UIGEA does not prohibit online gambling per se. What it prohibits is the processing of transactions by US banks with OFFSHORE online gambling institutions. It isn't designed to stop gambling - it's designed to force Americans to gamble with the people they want them to gamble with, and keep the profits in America. It's a piece of protectionism. (And, incidentally, because it's gambling, it provides a convenient vehicle for the Christian Taliban to strut a little more of their particular brand of puritan control-freakery.)
The ramifications have been (a) while Americans are not prohibited from gambling online, it has become beyond the competence of the average American to fund an online gambling account; (b) gambling companies which are publically traded have had to ditch their American customers, in order to reassure their shareholders that the Feds aren't going to come snuffling around. (Privately traded companies aren't affected, hence e.g. Poker Stars and Full Tilt Poker continue to accept American customers, while Party Poker do not.)
The anti-protectionists have been pushing for the UIGEA to be got rid of ever since it first came in - it is an appalling piece of legislation enacted in an appalling way - and now it's finally starting to happen, good for Barney Frank, and great timing too as it's the first day of the World Series of Poker, at which the UIGEA had driven numbers right down.