Hyperliquid Policy Committee recommends bringing on chain perpetual contracts under MiFID II regulation

The Hyperliquid Policy Committee has submitted MiCA feedback to the European Union, suggesting that on chain perpetual contracts be included in MiFID II regulation through existing ESMA guidelines, without the need for separate legislation. The Hyperliquid Policy Committee advocates for the principles of technological neutrality and economic substance classification, and states that on chain perpetual contracts should not directly apply CFD retail restrictions. At the same time, it calls for the recognition of public chain transparency and the reduction of duplicate reporting.