**Crypto Controversy: Fed President Sparks Debate**

Minneapolis Fed President Neel Kashkari is stirring the pot again with his recent comments on cryptocurrency. At a Wisconsin Town Hall, Kashkari claimed crypto is mainly used for "buying drugs" or "other illegal activities," suggesting few legitimate transactions occur.

Crypto advocates quickly fired back. Nic Carter of Castle Island Ventures criticized Kashkari, calling his views dangerously misinformed. Hailey Lennon from Brown Rudnick added that legitimate crypto projects have robust anti-money laundering measures, noting physical cash is more commonly used for illegal activities.

Blockchain data supports the critics. A Chainalysis report found only 0.34% of crypto transactions in 2023 were linked to illegal activities, debunking Kashkari's claims.

Kashkari's skepticism isn't new. He's previously dismissed crypto as a "giant garbage dumpster" and compared Dogecoin to a Ponzi scheme. His latest remarks come just after the Minneapolis Fed suggested taxing or banning assets like Bitcoin to manage government deficits.