The Senate is gearing up for a crucial vote on legislation aimed at safeguarding children's online privacy.

• On Thursday, the Senate will vote on major bills concerning the safety of children online, with a possible final passage next week.
• Warnings from industry groups indicate that the proposed bills may enhance user data collection to verify age.
• Passage looks likely in the Senate, but more complicated in the House.

On Thursday, the Senate will make a crucial decision on comprehensive legislation aimed at safeguarding children's online security, marking one of the most significant tech industry regulations in over a decade.

The package consists of two bills that have strong bipartisan support, with one bill already having 69 co-sponsors, exceeding the 60-vote threshold required for advancement in the Senate.

If the Senate approves the measure today, it is likely that the bills will be passed early next week, before the senators depart for their August break in D.C.

One in ten teenage girls and one in five LGBTQ youth have attempted suicide, according to data from the centers for disease control, and Sen. Edward Markey (D-Mass.) believes the measures social media companies have implemented are "not sufficient."

He told CNBC that whatever safeguards exist, they're evidently not effective.

The Children and Teens' Online Privacy Protection Act is included in the package. This bill prohibits targeted ads to kids and teens, and companies would be prohibited from collecting personal information from users under 17. They would also be required to erase data and establish a new young marketing and privacy division at the FTC.

The Kid's Online Safety Act would require social media platforms to take responsibility for protecting children from harmful content, such as drug and alcohol promotion, and to prioritize their mental health by automatically setting the strongest privacy options for kids.

The second bill has been supported by some major tech companies such as X and Y, but it has been opposed by NetChoice, a trade association whose members include Google, Facebook, and Yahoo!, stating that the bill's restrictions are too extreme and would be impossible for companies to implement.

The bill's language does not mandate websites to verify a user's age, but NetChoice Vice President and General Counsel Carl Szabo stated that the law would effectively require websites to verify the age of all users, resulting in the collection of extensive data.

The government is mandating large-scale data collection, despite conflicting with various state privacy laws.

The Senate is likely to pass the bills, but their future in the House is uncertain due to concerns about their broadness. House Speaker Mike Johnson stated in an interview that Americans need more control over their children's online content.

"We'll examine the specific legislation, but I anticipate it will receive significant support. Of course, we must safeguard children's online activities," he stated. "The internet is the Wild West, and some of these reforms are long overdue."