Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, criticized cryptocurrencies and stablecoins, labeling them as "utterly useless" and "buzzword salad" during the 2026 Midwest Economic Outlook Summit in Fargo, North Dakota. Kashkari contrasted the perceived lack of utility in digital assets with the tangible benefits of artificial intelligence (AI) tools, which he believes have significant potential for the U.S. economy. Kashkari questioned the practical use of cryptocurrencies, asking the audience if they had conducted transactions with bitcoin, and expressed skepticism about stablecoins improving existing financial systems. He argued that while stablecoins are touted for cheaper cross-border payments, they still face technical challenges and are not primarily beneficial for U.S. consumers. His views diverge from the Trump administration's stance, which supports bitcoin and stablecoins as strategic financial tools, with Treasury Secretary Scott Bessent advocating for their role in reinforcing the U.S. dollar's global dominance.