The Hyperliquid Policy Committee filed its first formal submission with the European Commission on October 1, 2026, as part of a consultation on how the MiCA framework should evolve. It is lobbying for on-chain perpetual contracts to fall under MiFID II rather than new legislation. The committee advocates for a technology-neutral and economic-substance approach, opposing the automatic application of CFD-style restrictions to products traded on a public blockchain. This proposal comes a few months after the MiCA transitional period ended on July 1, 2026, creating regulatory uncertainty for on-chain derivatives. Funded by the Hyperliquid Foundation, this marks the HPC’s first policy submission outside the United States.
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