Ok, I'm listing this a POSSIBLE Solution because this is what worked for me. But if you are having the issue where you're game just sit's at the Cryptic Load screen with the blue ring of death, then eventually crashes see if this works for you.
Some quick background: When I was having this issue, I had tried running the game in safe mode, force verify, uninstalling arc, uninstalling and reinstalling the game, running in admin, nothing worked. Finally I noticed that the CrashReporter would tend to hang or freeze when this happened also. The CrashReporter is the small window that pops up to give you your code when your game has crashed and asks you if you want to restart the game.
MY solution: So I wanted to investigate this more, so what I did was open up my STO game directory (Program Files x86 >Star Trek Online_en) Then I opened the CrashReporter itself without opening STO. Once you do this you might get a pop up window asking if you want to Allow this program access, click yes. At this point you can just close CrashReporter, you are done. Now with your STO directory open, run the Star Trek Online application direct from the folder. Now keep in mind I do this having already uninstalled the ARC launcher from my computer. But when you launch the game you should only have to input your account info then launch the game. I have not had an issue with the game loading since I've done this so I hope this helps someone out there. Good luck!