EU Central Banks Agree to Scrap Stablecoin Reserve Deposit Quotas

The Hyperliquid Policy Center also submitted its first regulatory filing outside the U.S., arguing that crypto perpetual futures should be governed as derivatives under MiFID II using ESMA guidelines. The committee stated that these instruments trade on transparent central limit order books and should be exempt from retail restrictions used for bilateral contracts for difference, while also leveraging public blockchain verifiability to reduce reporting obligations.