Hyperliquid Policy Committee Submits MiCA Feedback to EU, Urges Technology-Neutral Regulatory Framework Improvements

Odaily — The Hyperliquid Policy Committee has submitted feedback in response to the European Commission's targeted consultation on the evolution of the MiCA framework, marking its first policy submission outside the United States. The committee called on the EU to make moderate calibrations based on the existing financial regulatory framework, uphold the classification principles of technology neutrality and economic substance, and recommended incorporating on-chain perpetual contracts into the MiFID II regulatory framework through existing ESMA guidance.

The Hyperliquid Policy Committee stated that on-chain perpetual contracts are matched through publicly accessible central limit order books and should not mechanically apply retail restrictions designed for traditional contracts for differences; at the same time, it said regulators should recognize the publicly verifiable transparency of public blockchains, exempt regulated institutions from duplicative reporting burdens for on-chain public data, and safeguard EU investors' access to global liquidity.