Ripple co-founder Chris Larsen is among the investors backing a derivatives exchange started by Senator Kirsten Gillibrand’s son, Theodore Gillibrand. Politico broke the story on Thursday.
Larsen chipped in alongside other investors who reportedly contributed between $5,000 and $10,000 each to American Perpetuals Exchange Corp. (APEC). The platform has raised $30 million total.
The timing is awkward. Gillibrand’s been negotiating ethics rules for the Digital Asset Market Clarity (CLARITY) Act — a bill that could reshape crypto regulation in the US. She said in May that nobody would vote for it without addressing ethics. Her exact words: “We cannot allow members of Congress, senior administration officials, presidents or vice presidents, to get rich off of these industries because of their insider status.”
Her office referred questions to a June 18 statement where she said her son is “a grown adult starting his own independent business” and she has “no involvement in it whatsoever.”
The CLARITY Act needs 60 votes in the Senate. Republicans hold a slim majority, so they’ll need some Democratic support. Lawmakers are on break for the July 4th holiday, and when they return on July 13, they’ve only got a narrow window before the August recess. Then there’s election season. The clock is ticking.
