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. Thierry Breton, the EU Internal Market Commissioner, confirmed the deal on Twitter, describing it as a significant milestone in reshaping the digital space. The bill, which focuses on the fair use of industrial data and aims to facilitate the sharing of data generated by data-centric services, has undergone negotiations since it was passed by the European Parliament on March 14.
While the bill aims to promote the utilization of data resources and reduce service costs through the training of algorithms, it has faced backlash from the crypto community due to its treatment of smart contracts. The proposed legislation introduces changes to the requirements for smart contracts, including The inclusion of a kill switch that allows for the safe termination of smart contracts. This has raised concerns among cryptocurrency proponents, as they fear it may limit innovation and make compliance with smart contracts in the crypto industry more challenging.
Martin Hiesboeck, head of research at Uphold, observed that the EU legislation brings smart contracts one step closer to accepting regulation across the European Union within the context of a broader data market strategy. The impact of these changes on the crypto industry remain s to be seen .
