EU MiCA Review Sparks Debate Over Perpetual Futures and Stablecoin Rules

The European Union's Markets in Crypto-Assets Regulation (MiCA) is being reviewed, and major players are weighing in with feedback. Hyperliquid Policy Committee (HPC) and Circle have submitted proposals to the European Commission, which is seeking targeted adjustments to the regulation.

HPC wants on-chain perpetual futures to be treated under the existing MiFID II framework, arguing that classification should follow an instrument's economic features, not the technology that records it. This would mean that perpetual futures would be supervised under MiFID II rather than a separate regime.

Circle, which is the largest MiCA-authorised e-money token issuer, supports keeping the stablecoin multi-issuance mechanism, which allows for global stablecoins to be co-issued by an EU-authorised entity and a foreign-regulated one. However, Circle also proposes changes to reserve liquidity and concentration rules, including a minimum asset liquidity requirement instead of the current 30% bank deposit requirement.