According to The Block, the Hyperliquid Policy Center seeks regulatory treatment of perpetual contracts under existing MiFID II frameworks, while Circle has filed input regarding a bank deposit floor requirement in the European Commission’s review of the Markets in Financial Instruments Directive (MiCA).
The comments from both parties relate to their respective approaches during the EU’s ongoing evaluation process for MiCA. Hyperliquid’s policy group expressed a preference for placing perpetual derivatives under the scope and oversight of MiFID II, reflecting its existing regulatory classification. Circle targeted discussion of the bank deposit floor provision within MiCA filings, aiming to clarify reserve requirements for stablecoins under the new regime.
No further details were provided regarding timelines, specific wording changes, or additional stakeholders involved. The input from Hyperliquid and Circle constitutes part of broader industry engagement during the review phase, which includes consultation periods open to market participants and regulators.
