Coinspeaker
EU Parliament Approves Controversial Data Act with Smart Contract Kill Switch
On Thursday, November 9, members of the European Parliament endorsed a Data Act that includes a contentious provision potentially rendering the majority of smart contracts illegal.
The Act focused on regulating data sharing, garnered 481 votes in favor and 31 against. The legislation awaits formal approval from the European Council, which consists of the heads of state from the 27 member nations.
The approved Data Act includes a stipulation mandating that smart contracts must be susceptible to interruption and termination, incorporating controls for functions that reset or halt the contract.
Fundamentally, the Data Act aims to grant users access to data generated by smart devices, addressing the European Commission’s assertion that 80% of such collected data goes unused.
The finalized bill released this July includes a provision specifying that automated data-sharing agreements must be safely te
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