The Hyperliquid Policy Center (HPC) submitted formal feedback to the European Commission on September 30 regarding the Markets in Crypto-Assets Regulation (MiCA) review, arguing that perpetual futures should be regulated under the existing MiFID II framework. HPC contends that classification should be based on economic characteristics rather than ledger technology, asserting that perpetual futures possess derivative traits already recognized under sectoral legislation and differ from the contracts for differences targeted by 2018 EU intervention measures. HPC called for regulatory calibration aligned with actual market functions and product risk profiles. The submission emphasized that public blockchain features, including transparency, immutable records, and verifiable settlement, directly support regulatory objectives and facilitate compliance for regulated intermediaries.