European Lawmakers to Review Data Act To Save DeFi
The European Data Act, currently under negotiations will conclude by the end of June and seeks to regulate data shared between smart devices using IoT networks. The DeFi sector has shared concerns over the lack of clarity on the regulation of smart contracts underpinning DeFi. advertisement Advocates of DeFi such as the European Crypto Initiative have asked policymakers to address the concerns of spillover of the Data Act to other blockchain developers. The European Crypto Initiative notes that such a spillover could potentially kill DeFi. Speaking to DL News, Marina Markezic, executive director of the European Crypto Initiative, said: “The worst-case scenario is whether we would even be able to use public blockchains for using smart contracts while complying with the Data Act requirements. Europe shouldn’t shoot itself in the foot by inadvertently damaging innovation and technological development in the broader blockchain industry”. EU Giving M...