Hyperliquid and Circle lobby EU on MiCA rules for perps and stablecoin reserves

MiCA rules — Hyperliquid’s policy arm and stablecoin issuer Circle have submitted formal feedback to the European Commission’s review of the Markets in Crypto-Assets (MiCA) regulation, pushing for changes on derivatives trading and stablecoin reserve requirements.

The Hyperliquid Policy Center has advocated for perpetual futures contracts, commonly known as perps, to be regulated under the existing Markets in Financial Instruments Directive (MiFID II) framework rather than MiCA. This move seeks clearer regulatory alignment for crypto derivatives within the EU’s established financial rulebook.

Separately, Circle has targeted a specific provision in MiCA that mandates a minimum floor for stablecoin reserves held as bank deposits. The company’s filing argues this requirement could hinder the efficiency and scalability of euro-denominated stablecoins like EURC.

The submissions are part of a public consultation that closed recently, allowing industry participants to influence the technical standards that will implement the landmark MiCA framework. The European Commission will now review the feedback before finalizing the rules.