In cryptocurrencies today, Circle’s new Ark blockchain testnet was launched with the participation of more than 100 institutions including BlackRock, Goldman Sachs, Visa, and Mastercard, U.S. lawmakers introduced new legislation aimed at banning President Donald Trump, his family, and elected officials from trading in cryptocurrencies and stocks, and Michael Selig confirmed his nomination to chair the U.S. Commodity Futures Trading Commission.
Circle debuts Arc testnet with participation from BlackRock, Goldman Sachs, and Visa
Circle, the world’s second-largest stablecoin issuer, has launched a public testnet for Arc, an open layer-1 blockchain network built to bring global financial infrastructure on-chain.
More than 100 leading companies across banking, capital markets and fintech are participating in the rollout, which Circle calls an “economic operating system for the Internet,” including BlackRock, Goldman Sachs, Visa, Mastercard and State Street, according to Tuesday’s announcement.
“With Arc’s public testnet, we are seeing significant early momentum as leading companies, protocols, and projects begin building and testing,” said Circle CEO Jeremy Allaire. “Together, these companies reach billions of users and move, exchange, and store hundreds of trillions in assets and payments,” he added.
Arc is designed to integrate directly with Circle’s USDC (USDC) stablecoin and payments stack to provide predictable USD-based fees, sub-second finality, and optional privacy controls. It aims to support a wide range of financial applications, from lending and capital markets to global payments and foreign exchange (FX).
The testnet launch attracts participation from major institutions such as Apollo, BNY Mellon, Intercontinental Exchange, and Deutsche Bank, as well as global payments companies Mastercard, FIS, Paysafe, and Nuvei.
US lawmakers aim to block President Trump and his family from trading in cryptocurrencies and stocks
US lawmakers are calling for a ban on US President Donald Trump, his family, and members of Congress from trading in cryptocurrencies and stocks.
U.S. Representative Ro Khanna, a Democratic representative, appeared on MSNBC to express concerns about Trump’s son’s apparent conflict of interest with cryptocurrencies through his cryptocurrency project, World Liberty Financial (WLFI), and claimed that the recent pardon of Binance co-founder Changpeng “CZ” Chao was “blatant corruption.”
Khanna didn’t go into specific details of his legislative proposal, but he didn’t mince words, closing by calling for a ban on “elected officials holding virtual currencies and receiving foreign funds.”
Michael Selig Approves CFTC Appointments, Faces CFTC Leadership Absence
U.S. Securities and Exchange Commission (SEC) official Michael Selig announced that President Donald Trump has nominated him to chair the Commodity Futures Trading Commission (CFTC) because of his focus on crypto policy. The move still requires Senate approval and comes as the agency is operating with several open positions.
In a Saturday
Selig’s nomination, which was not on the Congressional Record or in any official White House announcement at the time of publication, reiterated President Trump’s goal of making the United States a “crypto capital.”
The nominations were announced as the U.S. government shutdown enters its fifth week after Republican and Democratic members of Congress have been unable to agree on a funding bill, citing concerns about health care cuts and subsidies.
While the Senate can pass legislation during the shutdown, including a possible digital asset market structure bill, lawmakers’ priority will likely be a continuing resolution to fund the government.
Pham has been the only member of the CFTC Commission’s five-member Leadership Committee since the resignation of CFTC Commissioner Christine Johnson in September, and has announced her intention to leave the regulatory commission after her successor is confirmed by the Senate. As of Monday, the Senate had not set a confirmation hearing for Selig.