The Hyperliquid Policy Center, or HPC, is asking the European Commission to classify crypto perpetual futures as derivatives under the 2014 financial instruments framework known as MiFID II, rather than placing them under the Markets in Crypto-Assets Regulation, or MiCA.
HPC submitted this request in its filing for the Commission’s MiCA evaluation, which started on May 20. The EU regulatory authority later extended the closing date from August 31 to September 30, prompting multiple banking and crypto organizations to submit their feedback during the final days of the window.
"The Consultation arrives at a defining moment for financial markets, as public blockchains now serve as infrastructure for markets
that trade continuously and in substantial volume, and regulators in several jurisdictions are working through how regulated products can use them," HPC wrote Originally published at https://www.theblock.co/news/regulation/2026-10-01-hyperliquid-circle-mica-review-417452.
