Hyperliquid Policy Committee urges EU to fold on-chain perps into MiFID II
Hyperliquid Policy Council submitted its first regulatory response outside the U.S. to the European Commission’s consultation on the MiCA review. In that response, it proposed treating perpetual futures under MiFID II by their economic characteristics, including when they are executed on a public blockchain. The submission also argued for using existing EU market rules for on-chain market activity.
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If the European Commission takes up the response, firms offering on-chain perpetual futures would be looking at EU market-rule treatment rather than a separate category for those products. That matters for customers and the wider sector because the proposal is framed around market stability and investor protection, with the same rules applied to activity that happens on a public blockchain.
In practice, the submission asks for perpetual futures to be assessed by what they are economically, not by the technology used to execute them. That would leave the general idea of perpetuals in place while changing the regulatory lane they are placed in under EU rules.
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