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While engaged in negotiations over ethics in a crypto market structure bill in Congress, Senator Kirsten Gillibrand said she had \u201cno involvement\u201d in her son\u2019s derivatives exchange, backed by at least one industry figure.<\/p>\n
Chris Larsen, co-founder and executive chair of Ripple Labs, was reportedly among those backing the financial venture of US Senator Kirsten Gillibrand\u2019s son as negotiations over a significant piece of crypto-related legislation continue in the Senate.<\/p>\n
According to a Thursday Politico report, Larsen was<\/a> one of a handful of investors backing the American Perpetuals Exchange Corp. (APEC), founded by Theodore Gillibrand. Although Larsen\u2019s 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<\/a> $30 million.<\/p>\n 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<\/a> for the bill without addressing ethics:<\/p>\n