While the European Parliament passed a bill involving smart contracts with a majority of votes, some representatives pointed out that the regulation carries risks for decentralized finance (DeFi).
In a statement published by the European Parliament on its official website on March 14, smart contract legislation “Data Law” of the draft 500 favors, 23 con reported that it was accepted by vote. basically from smart devices incoming data on it directly DeFi And Web3 provisions on technologies not containing legislation, still at some points for the cryptocurrency community to worries led to
In particular, the legislation Article 30by crypto industry actors and lawyers indefinite scope for the industry potential One risk was defined as. Data transfer of smart contracts to be safely terminated or to completely shut down a suitable emergency mechanism DeFi applications built on smart contracts endangered was put forward.
Associate professor with expertise in blockchain law Thibaul Schrepelat many points uncertainty that you have while drawing attention especially by whom the closing mechanism uncertain how to manage in terms of the industry a serious risk underlined that. Also a suspension and safe termination mechanism inherent in smart contracts. irrevocability And intangibility principles breach that you did also suggested.
Head of OpenZeppelin Michael Lewellen In his statement to the press on the subject, he made statements in line with Schrepel. Uniswap Many applications run on smart contracts such as that you don’t have expressed.
On the other hand, Member of the European Parliament and Rapporteur on Data Law Pilar Del Castillo Vera, existing business models and processes of legislation. optimize and will contribute to will accelerate innovation argued.
With the EU member states upon the finalization of the current draft, which has been approved, before it enters into force. discussion will be done.