Crypto Firms Lobby EU Regulators on Derivatives and Stablecoin Requirements
Hyperliquid's policy division and Circle are submitting formal comments to the European Commission during its review of the Markets in Crypto-Assets Regulation (MiCA). Hyperliquid seeks to classify perpetual futures under existing derivatives rules, while Circle challenges proposed banking reserve requirements for stablecoin issuers. Both filings represent industry attempts to shape the regulatory framework governing cryptocurrency trading and digital asset offerings in Europe.
The European Commission is currently reassessing its Markets in Crypto-Assets Regulation, a framework established to govern digital asset activities across the EU. During this review period, cryptocurrency industry participants are engaging in formal regulatory consultation, submitting detailed comments intended to influence how specific products and business models will be treated under the updated rules.
Two notable companies have publicly signaled their participation in this process. One operates a major derivatives trading platform and is advocating for perpetual futures contracts to fall under existing derivative regulatory structures, while a stablecoin issuer is raising concerns about proposed capital and reserve mandates for firms issuing digital currencies pegged to traditional assets.
These regulatory submissions could shape how European markets handle cryptocurrency derivatives and stablecoins for years to come. Stricter banking requirements for stablecoin issuers may increase operational costs and reduce competition in that sector, potentially affecting consumers' access to digital payment options. Conversely, favorable classification of crypto derivatives under existing rules might allow more trading activity with less stringent oversight, which could influence market participants' risk exposure and liquidity availability across European cryptocurrency exchanges.