Texas

The regime itself mandates, pilots or funds privacy-preserving technology.

What Texas actually says

Texas belongs in this section for what it does not do. Non-stablecoin cryptocurrency does not require a money transmitter licence there, which leaves a large share of activity outside the perimeter that elsewhere carries customer identification and record-keeping duties with it. Legislative energy has gone into stablecoins instead, including proposals for a commodity-backed state token. As with the other American states covered here, nothing in Texan law addresses anonymity-enhancing assets or self-hosted wallets. The federal layer still applies in full, so the practical position is a light state regime sitting under the Bank Secrecy Act rather than an absence of rules.

What this means for confidential transactions

Bubble is built for exactly this shape of obligation: amounts and balances live on chain as ciphertexts, computation happens without decryption, and the only disclosure path is an on-chain access list through which an authorized party - an auditor, a supervisor, a counterparty - can request scoped decryption. That is confidentiality from the public, not from the regulator.