Hyperliquid and Circle seek changes to EU crypto rules

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The Hyperliquid Policy Center has urged the European Commission to classify crypto perpetual futures as derivatives under MiFID II rather than regulate them under the Markets in Crypto-Assets Regulation (MiCA).

In its response to the Commission’s MiCA review, the policy group argued that existing financial-market rules can cover blockchain-based products without a broader overhaul of EU legislation.

Circle, the issuer of USDC, also submitted proposals to the MiCA review, focusing on the rules governing stablecoin reserves. The company has raised concerns about how the framework treats reserve assets and the restrictions placed on issuers.

The Commission extended the consultation deadline from 31 August to 30 September, with crypto firms and financial institutions submitting responses ahead of the revised deadline.