Industry insiders slam Fed's Kashkari's anti-cryptocurrency remarks: Making such a mistake should be illegal

Federal Reserve Kashkari previously said that few transactions occur in cryptocurrencies unless they are drugs or illegal activities. In response, Castle Island Ventures partner Nic Carter posted on X: "It should be illegal to make such a mistake." Carter added that considering that Kashkari is one of the "top ten most important financial regulators in the world", his erroneous remarks are even more worrying. Brown Rudnick partner Hailey Lennon also criticized Kashkari's erroneous remarks on how cryptocurrencies are used. "Legitimate crypto projects in this field have the most advanced anti-money laundering policies to prevent this from happening. Physical cash is the preferred method to promote drug trafficking and illegal activities. We have been fighting this false narrative for a decade." Kashkari has long been skeptical of Bitcoin, and his remarks are exactly the same as those of cryptocurrency opponents such as Senator Elizabeth Warren and Congressman Brad Sherman. (Cointelegraph)