Fed President Dismisses Cryptocurrency Utility Minneapolis Federal Reserve President Neel Kashkari has stated that cryptocurrencies are "useless in developed countries." He argues that after 15 years, cryptocurrencies have failed to demonstrate real-world use cases in developed economies. Calls for Congressional Cryptocurrency Regulation Kashkari emphasized that cryptocurrency regulation falls under the purview of Congress. His comments suggest a lack of faith in the current regulatory framework surrounding digital assets. While innovation happens rapidly with Cryptocurrency, the regulations are far behind and may be the cause of the comments.