Hyperliquid Policy Committee Submits MiCA Feedback to European Commission

Hyperliquid Policy Committee submits MiCA feedback to the European Commission on perpetual futures, on-chain data and crypto market

The Hyperliquid Policy Committee (HPC) has submitted feedback to the European Commission on the review of the European Union's Markets in Crypto-Assets Regulation (MiCA), calling for the existing financial regulatory framework to be adapted rather than replaced.

According to information shared by Wu Blockchain, the submission marks the HPC's first regulatory filing outside the United States. The committee argued that regulators should focus on the economic substance of crypto products when determining their classification and avoid creating separate rules solely because a product uses blockchain technology.

The European Commission launched its targeted consultation on May 20, 2026, to assess whether MiCA remains fit for purpose following its initial implementation and changes in crypto-asset markets and policy. The deadline was extended to Sept. 30, 2026.

HPC Calls for Perpetuals to Fall Under Existing MiFID II Framework

A central part of the HPC submission concerns perpetual futures, a type of derivative that has become increasingly prominent in crypto markets.

The committee argued that perpetual futures should be classified according to their economic characteristics and brought within the existing MiFID II framework through guidance from the European Securities and Markets Authority (ESMA), rather than through new legislation.

The position comes as European regulators have been examining how perpetual products should be treated. In February 2026, ESMA reminded firms that derivatives marketed as perpetual futures may fall within existing national product-intervention measures for contracts for differences (CFDs) when they meet the definition of a CFD. Those measures Hyperliquid can include leverage limits, risk warnings, margin close-out requirements and negative-balance protection.

The HPC's submission distinguishes perpetual trading conducted through transparent central limit order books from bilateral CFD arrangements. It argued that the same retail restrictions designed for bilateral CFDs should not automatically apply to perpetual contracts traded through public order books.

That distinction represents the committee's policy position and does not change the current regulatory treatment established by EU authorities.

Committee Seeks Recognition of On-Chain Data

The HPC also called on European regulators to account for the transparency and verifiability of public blockchains when designing reporting requirements.

The committee argued that information already recorded and publicly verifiable on-chain should not create duplicate reporting obligations for regulated entities. It also called for European investors to retain access to global liquidity pools.

The proposals come during a broader review of MiCA. The European Commission has said the consultation is intended to examine the regulation's main building blocks and determine whether adjustments are needed following market and international policy developments.

The Commission's consultation document makes clear that the review process does not prejudge a final policy decision or constitute a formal legislative proposal.

MiCA Review Enters Next Stage

The HPC submission adds another industry perspective to a consultation that is drawing responses from crypto companies, financial institutions, regulators and other stakeholders.

The committee's recommendations center on three principles: classification based on economic substance, treatment of perpetual contracts within existing financial-market rules, and recognition of blockchain-based transparency when assessing reporting requirements.

The European Commission will use consultation responses as part of its assessment of MiCA and its broader policy work on digital assets. Whether the HPC's recommendations influence any eventual amendments to the framework remains to be determined as the Commission evaluates the submissions.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.