- The European Commission has addressed the crypto industry’s concerns about the impact of new EU data rules on smart contracts.
- Industry leaders worry that the Data Act could impose unworkable requirements on smart contracts, making them vulnerable to manipulation.
- The Commission has clarified that existing smart contracts will not become illegal under the new rules, but concerns about the scope of the legislation remain.
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The European Commission has taken steps to alleviate the crypto industry’s fears about the impact of the new EU Data Act on smart contracts. The industry has been concerned that the legislation could regulate smart contracts in a way that leaves them vulnerable to manipulation.
EU Commission Addresses Smart Contract Concerns with Data Act
The EU’s Data Act has been the subject of fears that it could introduce unworkable requirements for smart contracts to withstand manipulation, securely reset, and provide access control. A spokesperson for the Commission has sought to calm these fears, stating that existing smart contracts will not become illegal when the Data Act comes into force.
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However, industry leaders continue to worry that the Data Act could be more far-reaching than initially planned. Some crypto companies have pointed out that the restrictions proposed by the EU could be extremely challenging and even unworkable for the sector in some cases, citing the scrutiny of securities regulators in the US.
Recently, an open letter was sent to address these uncertainties with some proposed changes to the legislation. The letter warns that the law could endanger smart contracts built on blockchains such as Ethereum
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Both branches of the EU’s legislative body have approved their own versions of the text containing the controversial smart contract provisions. The legislative process is ongoing.