EU lawmakers have reached a political consensus on the Data Act that has a “kill switch” for smart contracts, causing an uproar in the crypto community.
on public blockchains. For example, the text of the upcoming law doesn’t distinguish between just digital contracts and smart contracts utilizing distributed ledger technology.
“The fact that smart contracts lack such features puts their use and development at risk. They may be perceived as inconsistent with regulatory requirements.” Moreover, kill switches can have errors because of human mistakes and, in smart contracts in general, “as they are rigid, bounded information environments.” This rigidity, plus an automatic feature that triggers a certain outcome following strict rules, could lead to issues like locking up assets, shutting down protocols or even losing funds and important data, said Voloder.
Markežič stated that, in the past, some changes and terminations were made on a protocol layer as part of the overall governance mechanisms.
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