European Union (EU) lawmakers have reached an agreement to maneuver forward with the controversial European Knowledge Act, which has beforehand drawn criticism from the crypto neighborhood. The deal was confirmed by the EU’s Commissioner for Inner Markets, Thierry Breton, in a tweet calling it a “milestone in reshaping the digital house.”
One other deal!
⁰Tonight’s settlement on the #DataAct is a milestone in reshaping the digital house.Because of the swift work of the EP @delcastillop & the Council Presidency, we’re on the way in which of a thriving information economic system that’s revolutionary & open — on our circumstances. pic.twitter.com/vTWUU8xTx9
— Thierry Breton (@ThierryBreton) June 27, 2023
The European Parliament passed the Data Act on March 14, but negotiations among EU lawmakers on the bill’s final version have been ongoing. The act is focused on the fair use of industrial data and removing barriers to fairly sharing data generated by a range of data-centered services, such as the Internet of Things.
The European Parliament had claimed this act would encourage greater use of data resources to train algorithms that would eventually lead to lower costs of services. However, the act drew heavy criticism from the crypto community due to the proposals around smart contracts and the vagueness of it.
The act has provisions for imposing altering requirements for smart contracts, including kill switches that allow them to be safely terminated. The act establishes rules for the smart contracts for parties providing sharable data, including “safe termination and interruption,” and incorporates safeguards to preserve trade secrets and prevent illicit data transfers.
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Many crypto proponents consider the brand new EU laws would drive sensible contract builders to design reset potentialities to permit termination or interruption of transactions. This may increasingly limit innovation or make it troublesome for sensible contracts within the crypto business to conform.  
Martin Hiesboeck, head of analysis at Uphold, had noted earlier that sensible contracts are one step nearer to falling underneath EU-wide regulation inside a broader technique on information markets.
Cointelegraph reached out to Breton for feedback in regards to the controversy round sensible contracts, however didn’t obtain a response by publication.
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