Ripple Co-Founder’s Investment in US Senator’s Son’s Venture Draws Scrutiny

American Perpetuals Exchange Corp. (APEC), founded by the son of Senator Kirsten Gillibrand, plans to offer perpetual futures on US stocks. Gillibrand is negotiating the CLARITY Act, a key cryptocurrency regulation bill. Ripple co-founder Chris Larsen’s investment in APEC has therefore raised questions about potential conflicts of interest and congressional ethics.

Politico reported on July 2, 2026, that Larsen, Palmer Luckey and more than 30 other investors had backed APEC. Larsen’s individual investment was not disclosed, while most investors contributed between $5,000 and $10,000. APEC completed a $30 million funding round led by Lux Capital on June 18 at a $300 million valuation. Gillibrand’s office said she had no involvement in her son’s company.