# Hyperliquid liquidation — X 热门讨论 (2026-10-02 14:14 UTC)
## @BSCNews (BSCN) · 10-02 08:57 · ♥57 ↻10 💬4 Hyperliquid Challenges MiCA Approach As Circle Flags Stablecoin Gaps
The Hyperliquid (@HyperliquidX) Policy Center has urged the European Commission to regulate crypto perpetuals under MiFID II.
The group argues that existing derivatives rules can cover onchain perpetual futures. It says the blockchain hosting a financial product should not determine its classification.
HPC also wants venues to disclose funding methods, margin rules and liquidation thresholds.
The proposal was submitted during the Commission’s review of MiCA.
Circle meanwhile criticized MiCA’s stablecoin framework and its coverage of major global tokens.
The USDC issuer said only three of the top 25 stablecoins are currently MiCA regulated. https://x.com/BSCNews/status/2105945351756845293