European Union (EU) lawmakers have reached an agreement to proceed with the European Data Bill, a controversial piece of legislation that has faced criticism from the cryptocurrency community. The bill aims to promote the use of data resources for algorithm training and includes up dates to EU rules on smart contracts. However, one notable provision is a kill switch option that allows for the safe termination of smart contracts. This provision contradicts the fundamental principle of trust embedded in smart contracts, which has raised concerns among critics.
In a separate development, the European Commission has unveiled plans for a digital euro, introducing legislative proposals to establish it as a widely accepted and user-friendly payment method. The proposal emphasizes the importance of easy access to the digital euro through banks upon request, aiming to prevent exclusion of individuals. Additionally, the proposal includes provisions for free basic digital euro services, privacy protection measures, and the ability to conduct offline payments.
Despite the mixed sentiment towards cryptocurrencies at the EU level, there have been positive developments on the local front. The Slovak National Council has approved an amendment that significantly reduces personal income taxes on profits from the sale of cryptocurrencies held for at least one year. The tax rate would be lowered to 7%, a substantial decrease from the current rates of 19% or 25%. Furthermore, payments received in cryptocurrency below €2,400 ($2,600) will be exempt from taxation.
Shifting focus to the United States, Coinbase, a prominent cryptocurrency exchange, has filed a motion to dismiss the complaint filed by the US Securities and Exchange Commission (SEC) in an ongoing legal battle. Coinbase expressed concerns about the SEC's interpretation of secu rites law, suggesting that the agency has overstepped its legal authority. The motion argues that even if the allegations in the lawsuit were true, the plaintiffs have no valid legal claim. Coinbase's legal team asserts that the SEC's actions violate the exchange's due pro cess rights and constitute an abuse of the legal process.
