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European Union (EU) lawmakers have given the green light to the contentious European Data Act, despite prior criticism from the crypto community. 
The act aims to promote the utilization of data resources for algorithm training and proposes updates to the EU’s smart contract regulations, including the introduction of a kill switch option for secure termination. 
This move, however, has sparked concerns as it contradicts the fundamental principle of trust in smart contracts. 
Simultaneously, the European Commission has presented a legislative plan for the digital euro, with the goal of establishing it as a widely accepted and easily accessible payment method. 
The proposal emphasizes that individuals will have the ability to obtain digital euros through their banks upon request, ensuring convenient access and preventing exclusion. 
The plan also incorporates provisions for free basic digital euro services, privacy protection, and offline payments. 
Despite these developments, the crypto landscape in Europe does hold some positive news, particularly at the local level. 
For instance, the National Council of Slovakia has passed an amendment to reduce personal income tax on profits derived from the sale of cryptocurrencies held for a minimum of one year. 
The tax rate will be lowered to 7%, a significant decrease from the existing sliding scale of 19% or 25%. 
Additionally, payments received in cryptocurrencies up to 2,400 euros ($2,600) will be exempt from taxation. 
In the ongoing legal dispute between Coinbase, a major American cryptocurrency exchange, and the United States Securities and Exchange Commission (SEC), Coinbase has submitted a motion seeking the dismissal of the SEC’s complaint. 
In a legal document filed with the United States District Court for the Southern District of New York, Coinbase raises concerns regarding the SEC’s interpretation of securities laws, suggesting that the agency has exceeded its legal authority. 
Coinbase’s motion asserts that the SEC’s actions represent an extraordinary abuse of process. The exchange argues that the SEC’s attempt to regulate cryptocurrencies as securities goes beyond its purview and disregards the decentralized nature of these digital assets. 
Coinbase contends that the SEC’s actions lack legal basis and have a chilling effect on innovation and competition in the cryptocurrency industry. 
The outcome of this legal battle will undoubtedly have significant implications for the regulatory landscape surrounding cryptocurrencies in the United States, as well as potential ripple effects globally. 
The case highlights the ongoing struggle between regulators and cryptocurrency platforms seeking clearer guidelines and a balanced approach to foster innovation while ensuring investor protection. 
Other Stories: 
<a href="https://www.cryptointelligence.co.uk/binances-reversal-on-delisting-privacy-coins-marks-a-major-win-for-privacy-advocates/">Binance’s Reversal on Delisting Privacy Coins Marks a Major Win for Privacy Advocates</a> 
<a href="https://www.cryptointelligence.co.uk/bittrex-copies-coinbase-as-it-challenges-secs-authority-in-legal-dispute/">Bittrex Copies Coinbase As It Challenges SEC’s Authority in Legal Dispute</a> 
<a href="https://www.cryptointelligence.co.uk/bullish-momentum-builds-for-bitcoin-altcoins/">Bullish Momentum Builds For Bitcoin &amp; Altcoins</a>

EU Lawmakers Approve Controversial Law Despite Crypto Concerns

Crypto Intelligence

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🗒 Daily Newsletter | Wednesday, July 05, 2023

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