In August Valve updated the Steam EULA which some people objected to. The changes were in response to the European Union Supreme Court which stipulated that software licenses should be available for resale, something Steam does not allow.
Additionally, by declining the EULA you are prevented access to the games you own on Steam. Both these issues have lead to the VZBV (German Consumer Advocacy Group) to issue valve with a desist notice which they must respond to by 26th September or...things get messy for Valve and their biggest market in Europe.
Watch this space, perhaps Valve will respond and update their EULA again in order to dodge the resale issue, or will they have to cave in? A big thank you to Dennis for his translation from official agency website!