Chris Larsen invests in senator's son crypto startup amid CLARITY Act talks

Ripple Labs co‑founder and executive chair Chris Larsen was identified as one of the investors in American Perpetuals Exchange Corp (APEC), a derivatives platform founded by Theodore Gillibrand, the son of U.S. Senator Kirsten Gillibrand. Politico reported that APEC has raised about $30 million, with most backers contributing between $5,000 and $10,000; Larsen’s exact contribution was not disclosed.

The investment surfaced while the Senate is negotiating the Digital Asset Market Clarity (CLARITY) Act, a bill that would reshape the regulatory framework for crypto exchanges, issuers and derivatives in the United States. Senator Gillibrand is leading negotiations on ethics provisions, stressing that no senator will support the bill without stronger ethical rules. She has stated she has no involvement in her son’s venture.

The Senate’s calendar is tight: legislators return from the Independence Day recess on 13 July and face a month‑long state‑work break in August, leaving a narrow window to pass the legislation before the election season slows congressional activity. Republicans hold a slim majority and will need Democratic support to reach the 60‑vote threshold required for the bill’s passage.