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

cointelegraph.com:

European Union (EU) 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 include a kill switch option that would allow them to be safely terminated. Obviously, this contradicts the fundamental idea of trust in smart contracts. 

Meanwhile, the European Commission proposed a legislative plan for a digital euro, 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. The proposal also includes provisions for free basic digital euro services, privacy protection and offline payments.

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 will reduce personal income tax on 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 ($2,600) will not be taxed.

In the ongoing legal battle between Coinbase and the United States Securities and Exchange Commission (SEC), the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint. In a legal document filed with the United States District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s