Ripple co-founder backs APEC as U.S. Senate crypto bill talks continue

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Ripple backs APEC amid crypto bill talks

Highlights

Ripple co-founder Chris Larsen is among investors in APEC, which raises $30 million for its derivatives platform, though Larsen's exact amount is undisclosed.
Senator Kirsten Gillibrand negotiates ethics provisions for the Digital Asset Market CLARITY Act, which could significantly impact U.S. crypto companies including Ripple.
Senate Republicans aim to pass the CLARITY Act in July but require bipartisan support and face a tight legislative timetable due to upcoming recesses and the election.

APEC funding and Senate ethics debate

As first reported by Cointelegraph, citing Politico, Larsen is one of a small group of investors backing American Perpetuals Exchange Corp., or APEC, founded by Theodore Gillibrand. The report says the derivatives platform raises $30 million, with most investors contributing between $5,000 and $10,000 each, though Larsen's exact investment is not disclosed.

The reported investment comes as Senator Gillibrand is involved in negotiations over ethics provisions in the Digital Asset Market CLARITY Act, a bill expected to carry significant implications for crypto companies operating in the U.S., including Ripple. In May, Gillibrand says lawmakers cannot allow members of Congress, senior administration officials, presidents or vice presidents to profit from industries because of insider status, calling that the worst form of pay for play.

A spokesperson for the senator refers Cointelegraph to her June 18 statement saying her son is a grown adult starting his own independent business and that she has no involvement in it whatsoever. Cointelegraph says it also reaches out to APEC for comment but does not receive an immediate response.

Legislative timetable narrows for CLARITY

Democratic lawmakers are pressing Republicans, who hold a majority in Congress, to support adding ethics language to the CLARITY Act, citing U.S. President Donald Trump's ties to the crypto industry. Republican leaders in the Senate expect the bill to pass the chamber in July, and Senator Cynthia Lummis says in June that lawmakers are still working on ethics, decentralized finance and illicit transactions as part of the negotiations.

Senate Republicans hold only a slim majority, meaning they need some Democratic support to reach the 60-vote threshold required for passage. With senators away for the Independence Day state work period, returning on July 13 before another month-long August break, the window to move crypto market structure legislation is tightening ahead of U.S. election day, a schedule that could create further delays.

Our earlier coverage of Senator Elizabeth Warren’s challenge to a Federal Reserve centralization proposal outlined her warning that shifting key functions from the 12 regional Reserve Banks to a single leader could concentrate authority without congressional action. We noted her call for the Fed to pause the effort and provide clarification on governance, leadership selection, and transparency safeguards.

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