Circle and the Hyperliquid Policy Center submitted proposals to the European Commission's MiCA review, whose consultation deadline was Sept. 30. Circle said Europe has gained a first-mover advantage under MiCA, with about 30 e-money tokens authorized, but only USDC, USDG and EURC among the world's 25 largest stablecoins fall under the regulation. Circle urged the EU to preserve multi-issuance structures and establish an equivalence and recognition framework for foreign-regulated stablecoins, while also seeking changes to reserve requirements. MiCA requires issuers to hold at least 30% of reserves in bank deposits, rising to 60% for stablecoins designated significant by the European Banking Authority. Separately, Hyperliquid Policy Center said perpetual futures should be assessed under MiFID II based on their contractual and economic characteristics, rather than blockchain-based recordkeeping, and argued that contracts-for-difference rules require tailored treatment.