Polygon Labs, the main developer of leading Ethereum layer-2 solutions platform Polygon, has published an open letter on cryptocurrency regulations, which has been the subject of debate in the European Union.
Polygon Labs; As interlocutors, he passed the representatives of the EU Parliament, the Council of the European Union and the European Commission. The developers expressed their opinions on Article 30 of the Data Law, one of the most important bills of recent years.
1/ 🚨Today @0xPolygonLabs published an open letter to the EU on Art. 30 of the #DataAct, which could have serious consequences for permissionless smart contracts. @Ledger has joined in proposing amendments to narrow Art. 30 to protect decentralized software development. Read 👇 pic.twitter.com/AZHGCm14sQ
— Rebecca Rettig (@RebeccaRettig1) April 17, 2023
The 30th law, proposed by the representatives of the European Union, aims to exclude enterprises that do not comply with the regulations and are not accepted from data regulation.
In the open letter published by Polygon senior executive Rebecca Rettig, criticisms were expressed about the legislation. Crypto developers feel that the EU needs to be more clear about what the term "data" means.
Since smart contracts operate autonomously and completely without permission, crypto initiatives can be penalized by twisting the term "data misuse" according to the legislation.
Polygon therefore commented that it should be emphasized that decentralized crypto-asset services are exempt from the law.
