EU finalizes Data Act with a kill switch for smart contracts: Law Decoded, June 27–July 3

European Union lawmakers have agreed to move ahead with the controversial European Data Act, which has previously drawn criticism from the crypto community. The act, aimed at encouraging greater use of data resources to train algorithms, would update the EU’s rules on smart contracts to

that would allow them to be safely terminated. Obviously, this contradicts the fundamental idea of trust in smart contracts., aiming to make it a widely accepted and easily accessible form of payment. The announcement emphasized that allowing individuals to obtain digital euros through their banks upon request ensures easy accessibility and prevents citizens from being left behind.

But it’s not all doom and gloom for crypto in the old continent, especially at local levels. For example, the National Council of Slovakia approved an amendment that willon profits gained from the sale of cryptocurrencies held by the user for at least one year. The taxes will be lowered to 7%, which is a significant decrease from the current taxation sliding scale of either 19% or 25%. Payments received in cryptocurrencies up to 2,400 euros will not be taxed.

The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim. Coinbase’s legal team stated in the filing: “Even if the SEC were correct that the assets and services it identifies are within the scope of its existing regulatory authority, this [legal] action must be dismissed on independent grounds that it violates Coinbase’s due process rights and constitutes an extraordinary abuse of process.”The U.S.

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