The filing represents Hyperliquid's first formal regulatory engagement with policymakers outside the United States. In the response, the group also called for the recognition of public blockchain verifiability to remove redundant onchain reporting for investors. Separately, Circle submitted feedback to the same MiCA review proposing the removal of the bank deposit floor for stablecoin reserves.
Wednesday, October 21, 2026
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Hyperliquid Pushes for MiFID II Crypto Rules in First Non-US Filing
Crypto19 days ago
The European Commission received a policy response from the Hyperliquid Policy Committee regarding the future of the Markets in Crypto-Assets (MiCA) regulation. The submission argues that crypto perpetual futures should be classified as derivatives under the MiFID II framework using existing ESMA guidelines to avoid the need for new legislation. The committee stated that these instruments trade on transparent central limit order books and should not face the strict retail restrictions applied to bilateral contracts for difference.
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