Fed's Kashkari tears into 'giant garbage dumpster' cryptocurrencies

Cryptocurrencies are "like a giant garbage dumpster" and lack the basic characteristics of any stable currency, Minneapolis Federal Reserve President Neel Kashkari said at an event on Tuesday.
The Fed official praised the Securities and Exchange Commission for "cracking down on" the coin-offering frauds and said "people have been fleeced for tens of billions of dollars."
Kashkari acknowledged cryptocurrencies could prove useful in the future but quickly added that the sector's current status "is