HPC and Circle Push EU for Perpetual Futures and Stablecoin Regulation

The Hyperliquid Policy Center (HPC) has submitted a response to the European Commission's review of the Markets in Crypto-Assets Regulation (MiCA), urging the Commission to treat crypto perpetual futures as derivatives under MiFID II.

HPC argues that the existing EU frameworks can accommodate onchain products and markets through targeted action, without a wholesale revision of their rules.

Circle, the issuer of the USDC stablecoin, has also submitted a response to the MiCA review, calling for looser reserve rules for stablecoins.

Circle wants the bank deposit floor requirement scrapped, which currently requires issuers to keep at least 30% of their reserves in commercial bank deposits.