The Treasury's report to the US Congress was commissioned as part of directives under the GENIUS stablecoin regulatory framework.
The United States Treasury Department acknowledged the legitimate use of mixers, which obfuscate crypto transfers to preserve user privacy, in its report to Congress on “Innovative Technologies to Counter Illicit Finance Involving Digital Assets.”
“As consumers increase their use of digital assets for payments, individuals may want to use mixers to maintain more privacy in their consumer spending habits,” the report said. The Treasury report continued:
However, the report also noted the dangers of “darknet” or non-custodial, decentralized mixers. The Treasury said that non-custodial mixers are used for money laundering or shifting illicit funds by cybercriminals, including North Korea-linked hackers.
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