Hyperliquid Policy Center, Circle press EU on perps and stablecoin reserves in MiCA review

What happened

Hyperliquid's policy group asked for perpetual futures to fall under MiFID II, and Circle targeted MiCA's bank deposit floor. Both filed comments in the European Commission's MiCA review.

Confirmed

Global impact / market context

If perps face MiFID II rules, trading platforms could bear stricter licensing and compliance costs, which means higher expenses and possible relocation. If Circle succeeds on reserves, USDC could hold fewer bank deposits, changing stablecoin backing costs and demand for bank cash.

Analyst inference

EU crypto rules shape where exchanges and stablecoin issuers operate. Perps and reserve rules decide how much cash stablecoin issuers must park in banks, which affects their profit and the safety of the coins investors hold.

Analyst inference

What to watch

1. The European Commission is reviewing MiCA, and Hyperliquid and Circle filed comments. Watch whether the Commission proposes or rejects placing perps under MiFID II and easing the bank deposit floor. Confirmed
2. Hyperliquid proposes perps be governed by MiFID II, which means EU investment rules for derivatives. Circle proposes changing MiCA's bank deposit floor, which means the required share of reserves held at banks. Proposed
3. If adopted, stricter perp rules could raise costs for platforms like Hyperliquid, while looser reserve rules could lower costs for Circle and affect USDC. Watch for final legal text and implementation dates. Analyst inference

Affected assets

• USDC — USD Coin
• HYPE — Hyperliquid

Evidence

• theblock.co