Minneapolis Federal Reserve Chair Neil Kashkari has consistently maintained a strong critical stance on cryptocurrencies, reiterating that they are "essentially useless" for consumers. He has been dismissive of the crypto industry, calling it a "farce" in 2018, a "massive trash can" in 2020, and stating in 2021 that "95% of it is fraud, hype, noise, and chaos." Kashkari praised the actions of the U.S. Securities and Exchange Commission (SEC), believing that investors are being taken advantage of, and implied that the market crash in 2022 was positive because it reduced future risks. In October 2024, he questioned the practicality of cryptocurrencies, stating that "unless people are buying drugs or engaging in other illegal activities," very little trading occurs.