Minneapolis Federal Reserve President Neel Kashkari on Monday dismissed crypto as the currency of drug deals and other criminal enterprises. 

Kashkari told audience members at a town hall in Wisconsin that “very few transactions are actually happening” in crypto, a video of the event hosted by the Chippewa Falls Area Chamber of Commerce shows. The comments underscore the bank regulator’s resistance to crypto, even as institutional adoption of the asset class heats up. 

“They’re not paying for goods and services using crypto,” Kashkari said Monday. “It almost never happens unless people are buying drugs or other illegal activities.”

Kashkari, who clinched the Federal Reserve Bank of Minneapolis’ highest office in 2016, has often scoffed at Bitcoin and other cryptocurrencies.

Four years ago, the former investment banker compared the digital asset market to a “giant garbage dumpster.” And, in 2021, he similarly bemoaned the market was overrun with “thousands of garbage coins” at a conference in Montana.

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Author: Liz Napolitano