Circle has launched the Arc blockchain testnet, engaging over 100 institutions, including major players like BlackRock, Goldman Sachs, Visa, and Mastercard. This open layer-1 network aims to integrate global financial infrastructure on-chain, providing predictable US dollar fees, sub-second finality, and privacy options. Circle's CEO, Jeremy Allaire, highlighted the early momentum as leading companies begin to build on the platform, which supports various financial applications from lending to foreign exchange. Meanwhile, US Representative Ro Khanna is proposing legislation to prohibit President Trump, his family, and Congress members from trading cryptocurrencies and stocks, citing potential conflicts of interest. Khanna's proposal follows concerns over Trump's ties to the crypto project World Liberty Financial. Additionally, Michael Selig has been nominated by Trump to chair the Commodity Futures Trading Commission (CFTC), focusing on crypto policies, although his nomination awaits Senate approval. This comes amid a government shutdown, complicating legislative priorities. Read more AI-generated news on: https://app.chaingpt.org/news