Fed's Neel Kashkari Slams Crypto as 'Useless,' Labels Stablecoins 'Buzzword Salad'

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, has launched a scathing critique against the cryptocurrency sector. In a recent interview, the influential Fed official declared cryptocurrencies "utterly useless" for the U.S. economy and dismissed stablecoins as mere "buzzword salad." Kashkari argued that digital assets like Bitcoin (BTC) and Ethereum (ETH) fail to serve as effective mediums of exchange or stores of value, criticizing their volatility and lack of intrinsic worth. His comments underscore the deep skepticism toward crypto and stablecoin regulation among key U.S. monetary policymakers, potentially signaling a tougher regulatory stance from the Federal Reserve. This criticism comes amid ongoing debates in Congress about establishing clear frameworks for digital assets and stablecoins.