Hyperliquid, Circle Push Competing Demands in EU MiCA Review

The two filings pull in opposite directions: Hyperliquid wants perpetuals treated as MiFID II instruments, which would shift them from MiCA's crypto perimeter into traditional derivatives oversight, while Circle's push on the bank deposit floor goes to the composition of stablecoin reserves. Together they show the review becoming a venue for industry players to shape where the boundary between crypto and conventional finance falls. Whether the Commission treats these as technical fixes or reopens the perimeter itself is the open question.