'Unlawful' - Crypto intellectuals hammer Took care of Kashkari

Minneapolis Federal Reserve President Neel Kashkari has once again expressed his skepticism about cryptocurrency, claiming it is "seldom" used for anything other than drugs and crime. Speaking at an event in Wisconsin, Kashkari stated that very few transactions occur in crypto, arguing that people rarely use it to buy goods or services unless it's for illegal activities. He echoed past claims from crypto skeptics, comparing the crypto market to a "giant garbage dumpster."

His remarks, however, were met with swift criticism online. Nic Carter of Castle Island Ventures and Hailey Lennon from Brown Rudnick both challenged Kashkari's statements. Carter noted the troubling nature of such comments from one of the world's top financial regulators, while Lennon pointed out that legitimate crypto projects have advanced anti-money laundering protocols. She also emphasized that traditional cash remains the preferred method for criminal activity, not crypto.

Kashkari has long been critical of Bitcoin, and his views align with those of other crypto skeptics like Congressman Brad Sherman and Senator Elizabeth Warren. However, data contradicts Kashkari's claims. A report from blockchain analytics firm Chainalysis revealed that in 2023, only 0.34% of crypto transactions were linked to criminal behavior. Even in 2019, the peak year for illegal crypto transactions, only 1.29% of activity was illicit.

Kashkari also previously argued that central bank digital currencies (CBDCs) and crypto assets do nothing more than what modern payment apps like Venmo already offer, dismissing the entire digital asset market as nothing more than "handwaving" and "word salad."

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