Posted 11/9/2023, 3:36:00 PM
EU Parliament Approves Data Act with Controversial Kill Switch for Smart Contracts Despite Blockchain Concerns
- Members of European Parliament voted to approve Data Act with controversial "smart contract kill switch"
- Act establishes rules on sharing data and received 481 votes in favor, 31 against
- Legislation now needs approval from European Council of 27 member nations
- Provision requires automated data-sharing agreements be safely terminable
- Blockchain organizations like Stellar, Polygon, NEAR, and Cardano expressed concerns about kill switch in open letter