The Currency analytics
By Steven Anderson
Neel Kashkari is not holding back. The head of the Minneapolis Fed fiercely criticized cryptocurrencies yesterday during a speech in Fargo, North Dakota.
"Cryptos have been around for over a decade and are completely useless," he declared to the audience at the Midwest Economic Outlook Summit of 2026.
Stablecoin advocates argue for faster and cheaper cross-border transfers. Kashkari isn't buying it.
Kashkari also takes a jab at Kevin Hassett, director of the National Economic Council, who had criticized a New York Fed study on tariffs.
"Another attempt to undermine the Fed's independence," the Minneapolis president asserts. He refers to several recent incidents, including a Justice Department subpoena in…
On the economy, the news is rather good. Inflation has dropped to between 2.5% and 3%, while unemployment has risen from about 3.5% to 4.3%.
Last November, Kashkari had already launched a strong attack by comparing the sector to the Beanie Babies bubble of the 1990s.
Kashkari did not provide any outlook on future interventions.
In January 2026, he delivered the same message at a conference in Chicago: the cryptocurrency market was a "giant casino.
On the sidelines of the Fargo summit, several participants expressed similar concerns. John Williams, president of the New York Fed, echoed Kashkari's comments.
Kashkari mentioned that the Fed continues to monitor the evolution of the cryptocurrency sector.
The crypto industry is not staying silent in the face of these repeated attacks. Coinbase and Ripple have produced numerous reports showing growing adoption of stablecoins for…
Other Fed officials take a more nuanced approach. Michelle Bowman, a member of the board of governors, acknowledged last October the potential of digital assets for financial…