Facial Recognition to Protect Children Act

This bill requires wagering and prediction market platforms to use facial recognition technology to verify that all users are over 18 years old before allowing them to place bets or orders. To protect user privacy, the law mandates that these platforms collect only the data strictly necessary for age verification and must delete any such data once it is no longer needed. The Federal Trade Commission is given the authority to enforce these age verification rules and can issue penalties for violations. Additionally, the legislation establishes a new Office of the Retail Advocate and an Advisory Council within the Commodity Futures Trading Commission to better protect individual investors and oversee the regulation of event contracts.