This week, the crypto market was reduced to a single contradiction: the market has matured enough for institutional involvement, yet its rules are written haphazardly and through court battles. The Federal Reserve proposed holding stablecoin issuers to banking standards, and Greece is ready to block Binance from entering the EU. BlackRock launched a profitable Bitcoin fund, and corporate treasuries are acquiring billions in BTC and ETH. Meanwhile, American regulators are dividing authority among themselves: the CFTC is suing states over prediction markets, poaching staff from the SEC, and is itself the target of a lawsuit from the CME. Money is flowing into crypto through the banking door—while regulators argue about who guards that door. The CFTC is turning into the main crypto regulator in the US—and is fighting on three fronts. The US Commodity Futures Trading Commission (CFTC) is consolidating its oversight over crypto and prediction markets, facing resistance from states, exchanges, and former colleagues. On June 15, the commission filed a lawsuit against New Mexico, seeking exclusive federal rights to regulate betting markets—following similar cases with Wisconsin, Illinois, Arizona, Connecticut, and New York. On June 16, it poached blockchain forensics expert Donald Battle from the SEC to head its innovation division. On June 18, the CME announced its intention to sue the CFTC: CEO Terrence Duffy is demanding that approved perpetual BTC futures be classified as swaps under the Dodd-Frank Act. On June 19, the commission closed its first case against a crypto lender, permanently banning Celsius founder Alex Mashinsky from trading. Stablecoins and exchanges are being brought under banking oversight. Regulators are ceasing to make exceptions for crypto money and are applying traditional banking rules to them. On June 19, the Federal Reserve published a 130-page draft under the GENIUS Act: stablecoin issuers will fall under the Bank Secrecy Act, requiring client verification and checks for ties to terrorism. The document was prepared with the FDIC, OCC, and the Treasury’s financial crimes unit; five Federal Reserve governors are in favor, while the new chairman Kevin Warsh abstained. In Europe, the deadline is July 1: according to Reuters, Greece will reject Binance's application for a license under the Markets in Crypto-Assets Regulation (MiCA), and the exchange with over 20 million EU users may suspend operations there.