Fed’s Kashkari lashes crypto and stablecoins, praises AI

CoinTelegraph

by Brian Quarmby

February 20, 2026

AI-Generated Deep Dive Summary

Neel Kashkari, president of the US Federal Reserve Bank of Minneapolis, delivered a strong critique of cryptocurrency during his remarks at the 2026 Midwest Economic Outlook summit. He described crypto as "utterly useless" compared to artificial intelligence (AI), which he highlighted as a rapidly evolving and impactful technology with significant potential for the US economy. Kashkari also criticized stablecoins, dismissing their utility and labeling arguments in their favor as "a buzzword salad." His comments reflect a broader skepticism toward cryptocurrencies' value and adoption, particularly in light of AI's growing influence. Speaking at the summit on Thursday, Kashkari emphasized the contrast between crypto's decade-long existence and its lack of meaningful impact, contrasting it with AI's relatively recent emergence and widespread daily use. He pointed to AI's integration into various industries as evidence of its real-world applications and long-term economic potential. In contrast, he argued that crypto has failed to deliver on its promises, particularly in practical terms, while stablecoins have not demonstrated significant utility beyond speculative trading. Kashkari's remarks are notable for several reasons. First, they come from a high-profile figure within the Federal Reserve, adding weight to the ongoing debate about the role and

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Originally published on CoinTelegraph on 2/20/2026