This bill requires operators of wagering platforms and prediction market platforms to verify that users are over 18 using commercially available facial recognition technology before allowing access, accepting a wager, or placing an order. It limits biometric collection to what is reasonably necessary for age verification and requires operators to delete biometric data that is not needed. The Federal Trade Commission (FTC) would enforce the age-verification rule as an unfair or deceptive practice and may write regulations. The bill also amends the Commodity Exchange Act to add special rules for event contracts (prediction-market style contracts). Those changes let the Commodity Futures Trading Commission (CFTC) decide that some event contracts are contrary to the public interest (for example if based on unlawful activity, terrorism, assassination, war, violence, or gaming) and bar their listing. The bill directs the CFTC to set disclosure and certification rules, require anti-money laundering programs that include age verification, set rules for fund segregation and customer communications, and create an Advisory Council on Consumer Protection plus an Office of the Retail Advocate and an Ombudsman.
For users: If you want to use a wagering site or a prediction market covered by the bill, the platform must verify you are over 18 using facial recognition technology. If the platform cannot verify your age, you cannot access the platform or make wagers or orders.
For platform operators: You must implement commercially available facial recognition to check user age, limit biometric data collection to what is necessary, and delete any biometric data not needed for compliance. You will be subject to FTC enforcement for violations. Operators of event contracts and related entities will face new CFTC rules on what event contracts can be listed, disclosure standards, anti-money laundering measures (including age verification), fund segregation rules, and oversight from an advisory council and a retail advocate office.
No publicly available information.
The bill aims to prevent underage access to wagering and prediction market platforms by requiring age checks using facial recognition. It also seeks to add consumer protections and oversight for event contracts by giving the CFTC rulemaking authority, creating an advisory council, and establishing a retail advocate and ombudsman.
No publicly available information.