US Senate · US Congress · U.S. · Cointelegraph
Ripple co-founder backs venture shipped by US senator's son: Report
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While engaged in negotiations over ethics in a crypto market structure bill in Congress, Senator Kirsten Gillibrand said she had “no involvement” in her son’s derivatives exchange, backed by at least one industry figure.
Key facts
- According to a Thursday Politico report, Larsen was one of a handful of investors backing the American Perpetuals Exchange Corp. (APEC), founded by Theodore Gillibrand
- Senate Republicans hold a slim majority in the chamber, meaning they will need some Democratic support to meet the 60-vote threshold for CLARITY to pass
- Chris Larsen, co-founder and executive chair of Ripple Labs, was reportedly among those backing the financial venture of US Senator Kirsten Gillibrand’s son as negotiations over a significant piece
- 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
Summary
Chris Larsen, co-founder and executive chair of Ripple Labs, was reportedly among those backing the financial venture of US Senator Kirsten Gillibrand’s son as negotiations over a significant piece of crypto-related legislation continue in the Senate. According to a Thursday Politico report, Larsen was one of a handful of investors backing the American Perpetuals Exchange Corp. (APEC), founded by Theodore Gillibrand. 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.