Fed’s Kashkari: Crypto “Utterly Useless,” Stablecoins No Match for Venmo

Federal Reserve Bank of Minneapolis President Neel Kashkari strongly criticized cryptocurrencies during remarks at the 2026 Midwest Economic Outlook Summit, stating that crypto has been around for over a decade and remains "utterly useless," contrasting it with AI's demonstrated utility. He dismissed stablecoins, arguing they offer no significant advantage over established payment systems like Venmo or PayPal, questioning their practical use case for U.S. consumers despite claims of faster cross-border transfers, which he noted still require costly local currency conversion. Kashkari also addressed political pressures on the Fed, characterizing attempts to influence its decisions as threats to its independence, which he views as crucial for effective monetary policy based on data rather than politics. He also noted current economic indicators, with inflation easing to 2.5%-3% and unemployment rising to 4.3%, suggesting the Fed is near a neutral interest rate stance.

(Source：Bitcoin Magazine)