In today’s crypto news, Circle has launched its new Arc blockchain testnet with participation from over 100 institutions, including BlackRock, Goldman Sachs, Visa, and Mastercard. Meanwhile, a US lawmaker is proposing new legislation to prohibit President Donald Trump, his family members, and elected officials from trading in crypto and stocks. Additionally, Michael Selig has confirmed his nomination to lead the US Commodity Futures Trading Commission.
Circle launches Arc testnet with participation from BlackRock, Goldman Sachs, Visa
Circle, the second-largest stablecoin issuer globally, has introduced the public testnet for Arc, its open layer-1 blockchain network aimed at bringing global financial infrastructure onchain.
The launch, referred to by Circle as the “Economic Operating System for the internet,” includes involvement from over 100 major firms across banking, capital markets, and fintech, among them BlackRock, Goldman Sachs, Visa, Mastercard, and State Street, as stated in a Tuesday announcement.
“With Arc’s public testnet, we’re witnessing remarkable early momentum as leading companies, protocols, and projects begin to develop and test,” stated Circle CEO Jeremy Allaire. “Together, these companies reach billions of users and manage, exchange, and safeguard hundreds of trillions in assets and payments,” he added.
Arc is engineered to deliver predictable US dollar-based fees, sub-second finality, and optional privacy controls, seamlessly integrating with Circle’s USDC (USDC) stablecoin and payment infrastructure. It aims to facilitate a wide array of financial applications, from lending and capital markets to global payments and foreign exchange (FX).
The testnet launch has garnered interest from major entities like Apollo, BNY Mellon, Intercontinental Exchange, and Deutsche Bank, along with global payment processors such as Mastercard, FIS, Paysafe, and Nuvei.
US lawmaker aims to prevent Trump and family from crypto, stock trading
A US lawmaker is proposing a ban on US President Donald Trump, his family, and members of Congress from trading in crypto or stocks.
US Representative Ro Khanna, a Democrat, expressed concerns during an MSNBC appearance about Trump’s potential conflict of interest related to crypto through his son’s project World Liberty Financial (WLFI), alleging the recent pardon of Binance co-founder Changpeng “CZ” Zhao was “blatant corruption.”
Khanna did not provide specific details regarding his legislative proposal but was clear in his concluding remarks, advocating for a prohibition on “any elected official from having cryptocurrency and accepting foreign funds.”
Michael Selig confirms CFTC nomination amid agency leadership challenges
Michael Selig, an official with the US Securities and Exchange Commission (SEC), revealed that President Donald Trump has nominated him to chair the Commodity Futures Trading Commission (CFTC), focusing on crypto policies. This nomination requires Senate approval and comes as the agency faces several unfilled positions.
In posts on X over the weekend, Selig and White House crypto and AI advisor David Sacks confirmed reports of Trump’s nomination for Selig to lead the CFTC, paving the way for the resignation of acting Chair Caroline Pham.
Although Selig’s nomination was not recorded in congressional records or official White House announcements at publication time, he reiterated Trump’s aspiration to establish the US as a “crypto capital.”
The nomination arises amid a US government shutdown that is now in its fifth week, following an inability of Republican and Democratic lawmakers to reach a consensus on a funding bill due to healthcare cuts and subsidies concerns.
While the Senate retains the ability to advance legislation during a shutdown — potentially including a digital asset market structure bill — lawmakers will likely prioritize a continuing resolution for government funding.
Since the resignation of CFTC Commissioner Kristin Johnson in September, the agency’s five-member leadership team has been solely represented by Pham, who intends to leave the regulator once her replacement is confirmed by the Senate. As of Monday, there has been no set confirmation hearing for Selig.
