The Hyperliquid Policy Committee, established in February 2026 and funded by the Hyperliquid Foundation, submitted its first formal policy proposal to the European Commission on October 1, 2026. This marks the group's first advocacy effort outside the United States.
The committee proposes that the European Union integrate on-chain perpetual contracts into the existing MiFID II framework instead of drafting new legislation. They suggest that the European Securities and Markets Authority should issue specific guidance on applying these rules to decentralized derivatives.
The proposal is based on the principles of technology neutrality and economic substance. The committee argues that on-chain perps, which operate on public central limit order books, differ from traditional contracts for difference and should not be subject to the same retail restrictions.
Additionally, the committee advocates for the elimination of duplicate reporting requirements for data already accessible on public blockchains. This approach aims to address regulatory gaps following the conclusion of the MiCA transitional period on July 1, 2026.
