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#EUCI, with other 5 organisations and 55 signatories, has written an open letter addressing concerns regarding the #DataAct.
We call on lawmakers to reconsider and clarify certain aspects of it, to ensure neutrality and legal certainty in the #blockchain industry.
We call on lawmakers to reconsider and clarify certain aspects of it, to ensure neutrality and legal certainty in the #blockchain industry.
🟣 Article 2(16)
The current definition of 'Smart Contracts' is broad, and we fear it may lead to unintended consequences for existing #SmartContracts on public #blockchains, such as Ethereum, Avalanche, Cardano, Cosmos, IOTA, NEAR, Chromia, and Polkadot.
The current definition of 'Smart Contracts' is broad, and we fear it may lead to unintended consequences for existing #SmartContracts on public #blockchains, such as Ethereum, Avalanche, Cardano, Cosmos, IOTA, NEAR, Chromia, and Polkadot.
We propose three alternative solutions to bring more legal clarity:
substituting 'Smart Contract' with 'Digital Contract', clarifying the scope of Article 30, or limiting Article 2(16) to privately operated and permissioned electronic data records.
substituting 'Smart Contract' with 'Digital Contract', clarifying the scope of Article 30, or limiting Article 2(16) to privately operated and permissioned electronic data records.
