Fed’s Kashkari Says ‘Entire Notion of Crypto Is Nonsense’ (1)

Federal Reserve Bank of Minneapolis President Neel Kashkari said Friday that the whole idea of cryptocurrency is “nonsense” after the implosion of FTX revealed the industry’s shortcomings.

“This isn’t case of 1 fraudulent company in a serious industry,” Kashkari said on Twitter, commenting on an article about how investors fell for FTX. “Entire notion of crypto is nonsense. Not useful 4 payments. No inflation hedge. No scarcity. No taxing authority. Just a tool of speculation & greater fools.”

While many officials have warned about crypto risks and the need for regulation, Kashkari’s comment represents one of the most forceful denunciations ...