Ripple co-founder backs senator's son's venture
- Ripple co-founder Chris Larsen reportedly invested in a derivatives venture founded by US Senator Kirsten Gillibrand's son.
- The report comes as Congress negotiates ethics provisions within the Digital Asset Market Clarity Act that could affect crypto firms.
- Senator Gillibrand said she had no involvement in her son's business while lawmakers continue negotiations on the market structure bill.
Ripple Labs, associated with XRP (CRYPTO:XRP), co-founder Chris Larsen reportedly invested in American Perpetuals Exchange Corp. (APEC), a derivatives platform founded by US Senator Kirsten Gillibrand's son that has raised US$30 million.
The reported investment comes as Gillibrand participates in negotiations over ethics provisions in the Digital Asset Market Clarity (CLARITY) Act, legislation that could affect cryptocurrency companies operating in the United States, including Ripple.
“The truth is, is that we cannot allow members of Congress, senior administration officials, presidents or vice presidents, to get rich off of these industries because of their insider status,” said Senator Kirsten Gillibrand.
According to Politico, most APEC investors contributed between US$5,000 and US$10,000, while a spokesperson for Gillibrand said her son was operating an independent business and that the senator had “no involvement in it whatsoever.”
Republican lawmakers are aiming to pass the CLARITY Act in July, with negotiations continuing on ethics, decentralised finance and illicit finance provisions.
Senate Republicans hold a narrow majority and are expected to require Democratic support to reach the 60-vote threshold needed to pass the legislation.
The Senate is scheduled to return on July 13 after the Independence Day recess before another month-long August break, leaving a limited legislative window to advance the CLARITY Act before the US election period slows congressional activity.
At the time of reporting, XRP price was $1.08.
