Ripple co-founder backs venture launched by US senator's son: Report
Ripple co-founder Chris Larsen was reportedly among investors backing American Perpetuals Exchange Corp. (APEC), the derivatives venture founded by Theodore Gillibrand, son of Sen. Kirsten Gillibrand. The company reportedly raised about $30 million, with most investors putting in $5,000–$10,000. The investment comes as Gillibrand helps negotiate ethics provisions in the Senate’s CLARITY Act, a major crypto market-structure bill that could affect Ripple and other crypto firms. Gillibrand has said lawmakers should not profit from industries tied to their public office, while her office says her son is an independent adult with no involvement from her. Democrats are pressing for stronger ethics language, and Senate Republicans are aiming for passage in July, though the calendar and August recess make the timeline tight.
