Hyperliquid Policy Committee Submits MiCA Feedback to EU, Urges Clarity on Perpetual Futures

The Hyperliquid Policy Committee (HPC) has submitted its first policy feedback outside the U.S. to the European Commission regarding the evolution of the MiCA framework. The HPC advocates for integrating on-chain perpetual futures into the existing MiFID II framework for traditional financial instruments rather than creating new legislation. The committee argues that on-chain perpetuals, which utilize public central limit order books, differ from traditional CFD models and should not be subject to the same strict retail restrictions. Additionally, the HPC calls for regulators to leverage the transparency of public blockchains to reduce redundant reporting and ensure EU investors maintain access to global liquidity.