Minneapolis Fed's Kashkari Calls Crypto 'Basically Useless'
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, described cryptocurrencies as "basically useless" in comments this week, reinforcing a skeptical view from a senior central bank official. The blunt assessment comes as the industry seeks broader mainstream adoption and clearer rules; a top Fed voice dismissing crypto publicly can shape both public perception and policymaker priorities.
While Kashkari's comment doesn't change technology or market structure by itself, it matters because Fed officials influence regulatory debate and investor confidence. Crypto firms and supporters may see the remark as a reminder that winning institutional legitimacy still faces resistance from influential policymakers, and that regulatory scrutiny could remain elevated as lawmakers and regulators craft frameworks.