The European Parliament Approves Controversial Data Act
The European Parliament recently voted to approve the Data Act, a piece of controversial legislation that includes a provision requiring smart contracts to have the ability to be terminated. The legislation passed with 481 votes in favor and 31 against, and it will now need approval from the European Council to become law.
The Data Act outlines the requirement that smart contacts “can be interrupted and terminated” along with controls allowing functions that reset or stop the contract. It aims to allow users to access data generated from smart devices, as the European Commission claims that 80% of such data collected is never used.
Critics of the Act have expressed concerns about the broad definition of smart contracts and the lack of clear details on when interruptions or terminations should occur. They fear that smart contracts using data from public blockchains like Ethereum could be deemed in breach of the law.
European Commission’s Response
The European Commission has stated that the Data Act is not concerned with blockchain and that fears about making smart contracts illegal are unfounded. However, concerns remain among crypto firms and blockchain advocacy bodies about the potential implications of this legislation.
Hot Take: The Impact of Europe’s Data Act on Smart Contracts
The approval of the Data Act by the European Parliament has raised significant concerns within the crypto community. As this legislation moves forward, it remains to be seen how it will affect smart contracts and their usage in blockchain technology. The debate around the broad definition and potential consequences for smart contracts using public blockchains is likely to continue as the European Council considers this controversial piece of legislation.
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