The European Parliament voted in favor of the Data Act, a controversial piece of legislation that includes a clause providing for the possibility of terminating smart contracts.
To become law, it will now need to be approved by the European Council, that is, the leaders of the European Union’s 27 member states.
Data Act enables smart contracts “let them be interrupted and terminated”as well as allowing the use of functions that reset or block the contract.
Given that the European Commission claims that 80% of data collected is never used, the Data Act will essentially allow users to access data generated by smart devices.
Critics of the law voice concerns Regarding the smart contracts clause, he noted that the definition was too broad and did not provide clear details on when outages or terminations should occur.
a letter He also said that the data law, sent by European blockchain bodies in June and signed by dozens of crypto companies, could cause smart contracts that use data on public blockchains such as Ethereum to be considered a violation of the law.
According to this reported However, according to statements from the European Commission, the Data Law does not cover blockchain and fears that the law will make smart contracts illegal are unfounded.