Wyoming

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

What Wyoming actually says

Wyoming is the clearest example in the United States of a legislature building around self-custody rather than treating it as a gap. Classifying digital assets as property under the commercial code sounds technical and is not: it gives a holder a defined legal interest in an asset they control directly, rather than leaving the question to be answered by whoever holds it for them. Declining to require a money transmitter licence for standalone virtual currency keeps non-custodial activity outside the perimeter that elsewhere drags identity collection along with it. The state has since issued its own stable token, which makes it both regulator and issuer.

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.