HPC Seeks Inclusion of On-Chain Perps in EU's MiFID II Rulebook

The Hyperliquid Policy Committee has made its first formal submission to the European Commission, advocating for on-chain perpetual contracts to be included in the EU's MiFID II rulebook. The committee argues that using existing laws is a more efficient approach than drafting new legislation.

The centerpiece of the filing concerns on-chain perps, which are derivatives that allow traders to bet on an asset's price without an expiry date. The HPC wants these products brought under MiFID II, rather than creating fresh legislation.

The committee's preferred route is to issue guidance from the European Securities and Markets Authority (ESMA) on how MiFID II should apply to on-chain perps.