'Word-Salad Nonsense'—Fed President Kashkari Says Crypto Advocates Can't Explain The Use Case

Core Viewpoint - Minneapolis Fed President Neel Kashkari criticized cryptocurrency and stablecoins, stating that advocates often provide vague explanations when asked about their practical applications, particularly in cross-border payments [3][20]. Group 1: Criticism of Cryptocurrency - Kashkari emphasized the need for clear explanations regarding how cryptocurrencies function, particularly in terms of their utility for everyday transactions like grocery purchases, highlighting the necessity of converting to local currencies which incurs costs [2][3]. - He described the responses from crypto advocates as "word-salad nonsense," indicating a lack of substantive answers when pressed for details [3][20]. Group 2: Monetary Policy Context - Kashkari mentioned that the Federal Reserve is "pretty close to neutral" in its monetary policy and is nearing the achievement of its dual mandate of stable prices and full employment, but he noted that the job is not yet complete [1].