Circle and Hyperliquid Take Aim at MiCA as EU Review Closes

What happened

The Hyperliquid Policy Center and Circle filed submissions in the European Commission's MiCA review before its 30 September 2026 deadline. Both groups asked the EU to change how crypto derivatives and stablecoin reserves are regulated.

Confirmed

Global impact / market context

MiCA rules govern how crypto firms operate across the EU, so changing derivatives and stablecoin reserve rules could alter compliance costs and product offerings for companies like Circle and Hyperliquid, affecting their revenue and how investors value crypto businesses.

Analyst inference

The review is a formal window for feedback, so the filings signal that crypto firms want lighter or clearer rules before any final EU decisions. This matters for stablecoin issuers holding reserves and exchanges offering derivatives, which face higher costs if rules tighten.

Analyst inference

What to watch

1. The European Commission's MiCA review deadline is 30 September 2026, so any official response or next steps will come after that date. Confirmed
2. Circle and Hyperliquid asked the EU to change how crypto derivatives and stablecoin reserves are regulated, so watch whether EU lawmakers adopt any of these requested changes. Proposed
3. If the EU tightens stablecoin reserve rules, issuers may face higher compliance costs or need to hold more cash available, which could reduce profit per sale and affect investor positioning. Analyst inference

Affected assets

• HYPE — Hyperliquid

Evidence

• coinpaprika.com