Circle and the Hyperliquid Policy Center outlined different priorities for Europe’s crypto rules in submissions covered on October 1, after the Commission’s MiCA review consultation closed. Circle is seeking changes to stablecoin reserve requirements and protections for global issuance structures. The Hyperliquid-funded policy group is focused on perpetual futures, arguing that the products should fall under existing financial-instrument rules rather than being brought into MiCA simply because they trade using blockchain infrastructure.

Circle wants the requirement to hold at least 30% of stablecoin reserves in commercial bank deposits reconsidered, including the 60% minimum applying to issuers of tokens classified as significant. It argues that a more flexible liquidity requirement would reduce exposure to banking counterparties. The USDC issuer also supports preserving multi-issuance, where an authorized EU entity and a foreign-regulated affiliate participate in issuing the same globally circulating stablecoin under coordinated arrangements.

The Hyperliquid Policy Center’s position is that perpetual contracts are derivatives and should be classified by their economic characteristics under MiFID II. Its argument separates the instrument from the technology used to record or trade it. That distinction affects which regulatory regime governs a venue, the permissions it needs and the requirements attached to customers’ positions. The submission seeks targeted adjustments within existing frameworks rather than treating all onchain products as one category.

These are requests made through a review process, not changes already adopted by European policymakers. For Circle, the commercial implications involve how reserves are allocated and how global stablecoin liquidity reaches EU users. For Hyperliquid-related markets, the issue is the treatment of derivatives infrastructure. The Commission’s response and any later legislative or supervisory proposals will show whether those positions influence the rulebook, with both submissions putting company-specific operating concerns into the wider European policy debate.