The Full Tilt Investor deal officially cleared a major hurdle late last week with a new deal signed by the GBT and the U.S. Department of Justice. On the regulation front, Nevada got one step closer to bringing online poker to the state. On a federal level, two new online poker hearings were held which debated the merits of regulation in the United States. Check out all of these stories and more in the PAS Weekly Industry Update.

Full Tilt Update- Deal Signed: On Thursday, the U.S. Department of Justice and Groupe Bernard Tapie officially came to terms on a deal that will have Full Tilt Poker forfeiting the assets of the poker site and related companies to the DOJ, which would then in turn sell the site to Groupe Bernard Tapie for $80 million. The DOJ will waive the civil charges against Full Tilt Poker but criminal charges will remain. U.S. players will need to file claims to the DOJ to be repaid their balances while GBT would be would reopen to non-U.S. players and would be responsible for repaying these players. A time frame has not been given on when players would be repaid or when Full Tilt would reopen, but Bernard Tapie had previously indicated that he wished for the site to be reopened by January 2012.

Hearing Roundups: On Friday, the House Energy and Commerce committee held a follow-up hearing on regulating online poker in the U.S. Discussions again ranged from problem gambling to the benefits of regulation. Supporters such as John Campbell drew the parallel of online poker to Prohibition and the need for regulation to prevent unlicensed operators from operating, while Rep. Frank Wolf mentioned the online gambling-Jack Abramoff connection and an opinion that "online gambling is the crack cocaine of gambling" as reasons why online poker should not be regulated. You may view the hearing here.

Meanwhile, the Senate Indian Affairs Committee held a hearing on the effects of regulated online poker on Native American tribes. American Indian groups want a share of internet gambling but do not wish to lose their sovereignty to receive it. If federal regulation occurs, Native Americas tribes want to be assured they would be allowed to operate, tax and license online gambling as well. The National Gaming Gaming Commission maintains that they have the expertise to regulate online gambling given their experience of overseeing 422 gambling facilities in 28 states which generate $27 billion in revenue. The hearing can be viewed here.

Nevada to License Intrastate Online Poker: Starting in February of 2012, the Nevada Gaming Control Board will begin accepting applications for licenses to offer online poker within the state's borders. Nevada would become the first U.S. to offer regulated online poker. The District of Columbia also passed online poker legislation but efforts to bring games to the jurisdiction have stalled. In Pokeraddict's article, he theorizes that online poker in the state will not be profitable and that Nevada needs a federal solution -- where more states or countries are allowed to join the player pool -- in order to assure long term sustainability.

Latest Traffic Update from PokerScout: Online Poker traffic for the week decreased 7.9% due in large part to the ending of the 70 billionth hand from PokerStars. Traffic at other top sites was mostly flat, although the Boss Network saw a 10% decline after a 19% increase the previous week. Despite the dip, a jackpot of €530,000 on the network still has not been hit and remains the highest in online poker.

PAS News Reminder: Voting is ongoing for the iGB Awards . We would appreciate if PAS publishers and fans could show their support.

Jottings: Unibet to re-enter French Market...Gross gaming revenue up 7% in Italy...After loses, Gigamedia will be changing course...Cyprus to crackdown on internet gambling...Kyl to possibly co-sponsor Senate online poker bill?