HPC, Circle Lobby EU on Crypto Regulations as MiCA Review Deadline Looms
The Hyperliquid Policy Center (HPC) has urged the European Commission to treat perpetual futures as derivatives under MiFID II, rather than bring them under the Markets in Crypto-Assets Regulation, or MiCA. This comes from HPC's response to the Commission's MiCA review, which opened on May 20.
HPC argues that existing EU frameworks can accommodate onchain products and markets through targeted action without a wholesale revision of their rules. The group wants trading venues to publish funding methodologies, maintenance margins, and liquidation thresholds ahead of time.
Circle, the issuer of USDC, used its submission to the same MiCA review to go after the regulation's stablecoin reserve rules. Circle believes that only three out of the top 25 stablecoins globally by market capitalization are currently MiCA-regulated.