Politico reported Thursday that Ripple board chairman Chris Larsen was among a handful of investors who funded American Perpetuals Exchange Corp. (APEC), a derivatives startup founded by Theodore Gillibrand, son of Senator Kirsten Gillibrand. The investment came as the Senate haggled over ethics provisions in the Digital Asset Market Structure and Investor Protection Act, known as the CLARITY Act.
APEC Funding Round: $5,000–$10,000 Per Investor
The report did not specify Larsen's exact contribution but noted most participants committed $5,000 to $10,000 each. APEC has raised $30 million to date. The platform focuses on perpetual contracts — derivatives with no expiration date — popular among crypto traders for short-term bets on price moves without holding the underlying asset.
Ethics Provisions Dominate CLARITY Act Talks
Timing is critical. Senator Gillibrand is directly involved in negotiating the bill's ethics framework. In May, she said no senator would back the bill unless ethics issues were fully addressed. A spokesperson reiterated that Gillibrand's son founded his own business independently and that the senator has no involvement with APEC. APEC representatives did not comment.
Legislative Window Narrows
Democrats want stronger ethics rules and Republican support; the GOP expects the bill could pass the Senate in July. Senator Cynthia Lummis said talks cover ethics, decentralized finance, and illicit activity controls. With a slim Republican majority, the bill needs at least 60 votes, requiring Democratic backing. The Senate is on recess until July 13, with a month-long break in August, leaving little time to pass crypto market structure rules before election season.