Hyperliquid policy group asks EU to use MiFID II for perpetuals
Regulation & Gov ·
The Hyperliquid Policy Committee has formally asked the European Commission to regulate perpetual futures under existing securities law rather than folding them into the bloc's crypto rulebook.
The Hyperliquid Policy Committee submitted regulatory feedback to the European Commission as part of the ongoing review of MiCA, arguing that perpetual futures contracts should fall under MiFID II, the EU's long-standing framework for financial instruments, instead of being addressed through new crypto-specific legislation, according to wublockchain.xyz.
The submission centers on how the EU should treat derivatives-like products built on decentralized infrastructure as it works through MiCA's evolution. MiFID II is the regulatory regime the EU already applies to traditional financial instruments, and it predates MiCA, which was designed specifically to cover crypto-assets, stablecoin issuers, and crypto-asset service providers. By pushing for classification under MiFID II rather than MiCA, the Hyperliquid Policy Committee is effectively arguing that perpetual futures should be treated as a known category of financial instrument subject to established rules, rather than as a novel crypto product requiring bespoke treatment.
The feedback was framed as part of a broader push against introducing new legislation specific to perpetual futures, with the group instead favoring application of the pre-existing MiFID II structure. This positioning comes as the European Commission continues to solicit input on how MiCA should develop, a process that has drawn commentary from multiple corners of the crypto industry as the regulation's provisions and timelines are tested in practice.
The matter is being tracked across at least two distinct sources, reflecting continued attention to how EU regulators will categorize derivatives-style crypto products going forward. What remains unresolved is whether the European Commission will adopt the MiFID II framing the Hyperliquid Policy Committee is advocating for, or whether perpetual futures will instead be addressed through MiCA's own evolving provisions or separate rulemaking. No timeline for a Commission decision on this specific classification question has been disclosed.