Key facts
- Chris Larsen, co-founder of Ripple Labs, has reportedly invested in American Perpetuals Exchange Corp. (APEC).
- APEC was founded by Theodore Gillibrand, son of U.S. Senator Kirsten Gillibrand.
- The startup reportedly raised $30 million, with most investors contributing between $5,000 and $10,000.
- Senator Gillibrand stated she has no involvement in her son's business.
- The investment occurs as Senator Gillibrand is involved in negotiations for the Digital Asset Market Clarity (CLARITY) Act.
Chris Larsen, co-founder and executive chair of Ripple Labs, was reportedly among those backing the financial venture of U.S. Senator Kirsten Gillibrand’s son, Theodore Gillibrand, as negotiations over a significant piece of crypto-related legislation continue in the Senate. The startup, American Perpetuals Exchange Corp. (APEC), reportedly raised $30 million, with most investors contributing between $5,000 to $10,000 each. Senator Gillibrand, who is involved in negotiations over ethics provisions in the Digital Asset Market Clarity (CLARITY) Act, has stated she has "no involvement in it whatsoever" with her son's independent business. The investment comes as Democratic lawmakers push for ethics language in the CLARITY Act, citing ties to the crypto industry by figures like U.S. President Donald Trump. Republican leaders expect the bill to pass the Senate in July, with Senator Cynthia Lummis noting that ethics, decentralized finance, and illicit transactions are part of the ongoing negotiations.