Fed's Kashkari Calls Crypto 'Utterly Useless' Again

Federal Reserve Bank of Minneapolis President Neel Kashkari renewed his attack on cryptocurrency at a 2026 Fargo summit, calling crypto utterly useless and stablecoins a buzzword salad. His two-question demonstration — many hands raised for AI use, silence for Bitcoin transactions — encapsulated his core argument about crypto's lack of real-world utility. The criticism lands at an awkward moment for the industry. The Trump administration is actively promoting Bitcoin as a strategic asset and advancing a regulated stablecoin framework through the GENIUS Act, creating a direct institutional conflict with one of the Fed's most prominent voices.