Federal Reserve Bank of Minneapolis President Neel Kashkari delivered another pointed criticism of crypto while defending the Federal Reserve’s independence during remarks in Fargo, North Dakota, today.

Speaking at the 2026 Midwest Economic Outlook Summit, Kashkari questioned the practical value of digital assets, stating that “crypto has been around for more than a decade and it’s utterly useless,” according to Bloomberg. 

He contrasted crypto with artificial intelligence tools, which he said have demonstrated clear, everyday utility for consumers and businesses.

Kashkari also dismissed the promise of stablecoins, arguing they offer little improvement over existing payment systems. “I can send any one of you $5 with Venmo…