EU Crypto Regulators Face Mounting Pressure from Industry Groups
The European Commission's review of the EU crypto rulebook has drawn proposals from various groups, including the Hyperliquid Policy Center. The Washington-based group wants crypto perpetual futures to be classified under MiFID II rather than MiCA, arguing that regulators should classify products by their economic structure, not the blockchain that records them.
Hyperliquid Policy Center says existing EU derivatives rules can cover perpetual futures without creating a separate legal framework. It also opposes treating perpetual futures like contracts for difference and wants clear disclosure of funding methods, maintenance margins, and liquidation rules before customers trade.
Circle is seeking changes to MiCA rules governing stablecoin reserves and bank deposits. The company wants a more flexible liquidity standard and limits on government debt and bank exposure. European central banks also support removing MiCA's bank-deposit floors and replacing them with liquidity requirements tied to asset maturity.