In a bid to push for a more inclusive legislation, Polygon Labs has proposed an amendment to Article 30 under the Data Act. In an open letter addressed to members of the European Parliament, the European Council and the European Commission, the platform suggested that the current wording of the legislation be changed to apply to permissioned smart-contract-based-systems owned and operated by an “enterprise,” instead of just permissionless systems.
Polygon Labs believes that this amendment will help foster a more conducive environment for innovation and growth, while also providing adequate protection for users. The platform is not alone in its quest, as hardware wallet developer Ledger has also signed up to request the legislation better reflect its intent.
The proposed amendment is expected to address the challenges currently faced by permissioned systems, which are often subjected to stringent regulations that do not apply to permissionless systems. This has created a lopsided playing field that hinders innovation and growth in the industry.
Polygon Labs is confident that the proposed amendment will help level the playing field and provide a more conducive environment for the development of permissioned systems. The platform has called on stakeholders to support the amendment and help drive the growth of the industry.
The proposal comes at a time when the blockchain industry is experiencing significant growth, with more enterprises adopting the technology to improve their operations. However, the industry still faces several challenges, including regulatory hurdles and a lack of clarity on the legal status of blockchain-based systems.
The proposed amendment is expected to help address some of these challenges, providing a more conducive environment for innovation and growth in the industry. With the support of stakeholders, the blockchain industry can continue to grow and thrive, providing numerous benefits to businesses and consumers alike.
In conclusion, the proposed amendment to Article 30 under the Data Act is a welcome development for the blockchain industry. It provides a more inclusive and conducive environment for innovation and growth, while also providing adequate protection for users. The support of stakeholders is crucial to the success of the amendment, and it is hoped that the industry will continue to grow and thrive in the coming years.