Hyperliquid Policy Committee Submits MiCA Regulatory Feedback to the EU, Calls for Clarity on Perpetual Contract Regulations

TechFlow reported that on October 1, the Hyperliquid Policy Committee (HPC) submitted feedback in response to the European Commission's targeted consultation on the evolution of the MiCA framework, marking the HPC's first policy submission outside the United States.

The HPC recommends that the EU make targeted adjustments within the existing financial regulatory framework rather than establishing an entirely new system. Its core proposals include adhering to classification principles based on "technology neutrality and economic substance," and suggest bringing on-chain perpetual contracts explicitly under MiFID II regulation for traditional financial instruments via ESMA's existing guidance, eliminating the need for separate legislation.

The HPC also noted that on-chain perpetual contracts are matched via public central limit order books, which differ from traditional CFDs that operate on a market-maker counterparty model; therefore, strict retail investor restrictions for CFDs should not be directly applied. Furthermore, the HPC urges regulators to recognize the open, transparent, and verifiable nature of public blockchains, reduce redundant reporting of on-chain public data by regulated entities, and ensure EU investors maintain access to global liquidity.