Ripple co-founder backs venture launched by US senator's son: Report

While engaged in negotiations over ethics in a crypto market structure bill in Congress, Senator Kirsten Gillibrand said she had “no involvement” in her son’s derivatives exchange, backed by at least one industry figure.

Chris Larsen, co-founder and executive chair of Ripple Labs, was reportedly among those backing the financial venture of US Senator Kirsten Gillibrand’s son as negotiations over a significant piece of crypto-related legislation continue in the Senate.

According to a Thursday Politico report, Larsen was one of a handful of investors backing the American Perpetuals Exchange Corp. (APEC), founded by Theodore Gillibrand. Although Larsen’s exact contribution was not included in the report, the majority of investors contributed between $5,000 to $10,000 each into the derivatives platform, which reportedly raised $30 million.

The investment comes as the New York lawmaker is involved in negotiations over ethics provisions in the Digital Asset Market Clarity (CLARITY) Act, legislation expected to have a significant impact on crypto companies operating in the US, including Ripple. Gillibrand said in May that no one would be voting for the bill without addressing ethics:

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