The chairman of the Financial Services Committee in the US House of Representatives, Barney Frank is introducing new legislation to soften the effects of the blanket ban on betting imposed last year.

Since the Unlawful Gaming Enforcement Act, prohibiting banks and credit card operators to process online gaming payments in the US was introduced, a number of betting firms, like Sportingbet and 888 Holdings, have either scaled back or completely suspended their US operations.

Frank proposes lifting the prohibition and licensing betting companies via a new body, which would regulate the industry. But each individual state would retain the right to ban or restrict gambling locally.