Fed's Neel Kashkari Calls Crypto 'Utterly Useless', Dismisses Stablecoins
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, publicly criticized cryptocurrencies and stablecoins on Thursday, calling crypto "utterly useless" and labeling stablecoins a "buzzword salad." He argued stablecoins do not offer practical advantages over existing payment options like Venmo and said many cryptocurrencies fail basic tests of real-world viability. The comments reflect blunt skepticism from a senior central banker. Kashkari's remarks matter because they contribute to the regulatory and public debate over digital assets at a time when lawmakers and regulators are considering tighter rules for stablecoins and broader crypto oversight. Strong criticism from a Fed official can shape policy discussions, influence industry positioning, and reinforce calls for clearer consumer protections or alternative央bank-backed solutions.