Larsen Among Backers of Senator's Son's Exchange Startup Chris Larsen, co-founder and executive chair of @Ripple Labs, is reportedly among a group of investors backing the American Perpetuals
Chris Larsen, co-founder and executive chair of @Ripple Labs, is reportedly among a group of investors backing the American Perpetuals Exchange Corp. (APEC), a new derivatives venture founded by Theodore Gillibrand, son of US Senator Kirsten Gillibrand.Larsen's exact contribution was not disclosed, though most individual investors contributed between $5,000 and $10,000 each into the platform, which reportedly raised $30 million in total.
The fundraise valued Theodore's startup at $300 million, a striking figure for a company that has yet to launch. Lux Capital led the investment round, with a spokesperson for the firm confirming its role.Theodore, a recent Stanford University graduate, previously held a fellowship at crypto-focused venture firm Paradigm and interned at Andreessen Horowitz.
APEC aims to list perpetual futures, a form of futures contracts that allow traders to bet on the price of assets without holding them and which, unlike standard futures, carry no set expiration date.The platform will focus on US equities and stock indices rather than digital assets, with a company spokesperson confirming there will be no cryptocurrencies on the platform and that it is not built on blockchain technology.
Theodore met with officials from the SEC and CFTC in June to discuss regulatory harmonization around perpetual futures, according to a memo from that meeting.APEC plans to seek both a Designated Contract Market license and a Derivatives Clearing Organization license, which require substantial capital for compliance and in-house clearing infrastructure.
The investment comes with a broader political backdrop. Larsen's backing of APEC arrives as Senator Gillibrand 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, including Ripple.Democratic lawmakers have been pushing Republicans, who hold a majority in Congress, to add ethics language to the CLARITY Act, citing President Donald Trump's ties to the crypto industry. Senator Gillibrand has addressed questions about potential conflicts of interest directly. A spokesperson for the senator said her son was "a grown adult starting his own independent business" and that she had "no involvement in it whatsoever."
Senator Gillibrand has been a key Democratic ally for the crypto industry and was part of a group of lawmakers who introduced the GENIUS Act, legislation regulating stablecoins pegged to real-world assets.
Sources:CoinTelegraph: Ripple Co-Founder Invests in Crypto Venture Founded by US Senator's SonFortune: Son of Pro-Crypto Senator Kirsten Gillibrand Raises $30 Million for Derivatives ExchangeThe Block: Sen. Gillibrand's Son Building Perps Exchange Seeking Dual CFTC, SEC Oversight
