Recently, several decentralization-oriented organizations in the EU made a statement about the political discussion and process regarding the Data Act, focusing on factors such as economics, digitalization, innovation, personal integrity, consumer rights, etc.
The writers of the open letter are pleased that policymakers paid attention to their concerns about the Data Act. Discussions helped reduce worries about how it might affect smart contracts. Despite the progress, they are unhappy that "smart contract" was used instead of "digital contract." They believe this choice needs more consideration as it could impact the understanding and implementation of the rules.
The primary focus of the Data Act is on mutual consent in data-sharing agreements. Specific requirements are laid out for parties entering into such agreements using smart contracts. Rules also explain the role of European standardization organizations in defining common standards. There is a call for more talks to understand the Data Act fully, harmonize regulations, and examine the impact on smart contracts and blockchain technology.
The industry appreciates efforts to define "smart contracts legally" but remains cautious about unintended consequences. They want to avoid anything that might accidentally hinder smart contracts and blockchain technology use. There's a recognition of misunderstandings about smart contracts, leading to confusion. Education is essential to clear up these misunderstandings, and trust-building between regulators and the industry is emphasized.
The writers urge regulators to understand the technology deeply before creating rules to mitigate risks without hindering growth. The statement ends with gratitude to collaborating organizations and an assurance to continue working with regulatory bodies to promote innovation, protection, and a secure digital economy.
The writers generally appreciate the dialogue with policymakers but see room for improvement and further discussions, especially concerning terminology and understanding the nuances of emerging technology. They advocate for a careful and informed approach to regulation to ensure growth and security in the industry.
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