The US House of Representatives will soon be taking up the issue of Internet gambling and potential regulations, reports Reuters.

A House panel will hold hearings on whether online gambling can be regulated in a way that protects players and debtors. The hearings come less than a year after Internet gambling was indirectly outlawed in the US. This occurred when credit card companies and banks were banned from issuing payments to gambling sites.

Democrat Barney Frank has introduced a bill to repeal that law, asserting it was hastily put-together and passed. Frank's alternative bill includes protections to guard against the use of Internet gambling for fraud or other purposes. It will also deal with compulsive gamblers.

Should the bill pass, legitimate online gambling companies will become licensed and regulated institutions.