Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, continues to criticize the crypto industry, claiming that legitimate transactions are rare and most people only use it for illegal purposes like drugs. Data shows that the value of crypto sent to illegal addresses decreased in 2023, but it still made up a small percentage of total transactions. Stablecoins, particularly Tether (USDT), are now the preferred tool for criminals, surpassing Bitcoin. Ransomware attacks and darknet markets are thriving, with ransomware payments totaling $1.1 billion and darknet market sales reaching $1.6 billion in 2023. Despite his negative stance on crypto, Kashkari also discussed the Fed's rate cuts and expects smaller cuts moving forward unless there are signs of significant labor market deterioration. Markets anticipate the Fed to cut rates by another quarter point in their next meeting in November.



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