Crypto Industry Alarmed by Europe's Data Act Push for 'Kill Switch' Over Smart Contracts
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Europe's Data Act demands a "kill switch" for smart contracts, allowing authorities to terminate them, which goes against blockchain's immutable nature.
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The Act fails to define smart contracts or specify when authorities could demand termination, creating uncertainty.
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Immutability ensures data integrity on blockchains, so undermining it hampers innovation and trust.
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Immutability provides auditing efficiency and helps solve enterprises' data problems like supply chain tracking.
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The European crypto industry must unite against the Act's Article 30 "backdoor" that threatens to freeze crypto progress.