Hyperliquid Policy Center Submits Feedback on MiCA to European Commission

The Hyperliquid Policy Center (HPC) submitted feedback to the European Commission regarding the Markets in Crypto-Assets (MiCA) regulation on September 30. The HPC argues that classification under MiCA and MiFID II should be based on the economic characteristics of instruments rather than the underlying ledger technology. It suggests that crypto assets meeting the definition of financial instruments should remain under existing industry legislation, and that perpetual futures should be regulated under the MiFID II framework. Additionally, the HPC advocates for risk-calibrated regulation based on actual market functions and notes that public blockchain transparency can facilitate regulatory compliance.