Hyperliquid Policy Committee (HPC) has submitted its official response to the European Commission's targeted consultation on the evolution of MiCA, representing its first regulatory filing outside the United States. HPC urged the Commission to build upon existing EU frameworks rather than construct a new regime, advocating that instrument classification adheres to economic substance over form so that perpetual futures are governed under MiFID II via existing ESMA guidelines without new legislation.

The committee emphasized that perpetual trade on transparent central limit order books and should not be subjected to the rigid retail restrictions designed for bilateral contracts for difference (CFDs). Additionally, HPC called on EU regulators to recognize the native verifiability of public blockchains to eliminate redundant reporting requirements for data already recorded onchain, while ensuring European investors retain unrestricted access to global liquidity pools.