In Europe, the Binance case is taking an unexpected institutional turn. According to an investigation by the Wall Street Journal, Christine Lagarde is said to have personally weighed in to block the obtaining of a MiCA license by the exchange in Greece. This intervention is all the more sensitive as the ECB has no official power to issue these approvals. Two major issues emerge behind this showdown: the place of dollar-backed stablecoins in Europe and the future architecture of crypto supervision within the Union.