The Federal Reserve's Neel Kashkari has made controversial remarks regarding cryptocurrency, stating that very few transactions occur outside of illegal activities, such as drug trafficking. This statement comes in the wake of TD Bank's historic $3 billion settlement for money laundering, marking the first time a U.S. bank has pleaded guilty to laundering money for Colombian criminal networks. Canadian Prime Minister Justin Trudeau expressed concern over the actions of TD Bank's U.S. subsidiaries, emphasizing the government's commitment to holding financial institutions accountable for lax enforcement of money laundering regulations. Despite the significant penalties, no high-level arrests have been reported in connection with the case, which involved laundering hundreds of millions of dollars for criminal organizations.