Ripple co-founder invests in senator's son's crypto venture

A financial venture founded by the son of U.S. Senator Kirsten Gillibrand has reportedly received backing from a prominent cryptocurrency industry figure, a development emerging as the senator negotiates ethics provisions in a major digital asset bill. According to a report published Thursday, Chris Larsen, the executive chair of Ripple Labs, was among a small set of investors in the American Perpetuals Exchange Corp. (APEC), a derivatives platform founded by Theodore Gillibrand.

The company has raised $30 million, with the majority of its investors contributing between $5,000 and $10,000 each, though Larsen's specific contribution was not disclosed. A spokesperson for Senator Gillibrand stated that her son is a grown adult starting his own independent business and that the senator has no involvement in it whatsoever. APEC did not immediately respond to a request for comment.

The investment coincides with ongoing Senate negotiations over the Digital Asset Market Clarity (CLARITY) Act, a market structure bill that could reshape regulation for crypto businesses, including exchanges and derivatives platforms. Senator Gillibrand, a New York Democrat, has been a vocal proponent of...