According to Cointelegraph, on July 3, Ripple co-founder and executive chairman Chris Larsen participated in the funding of the American Perpetual Exchange Company (APEC), a derivatives trading platform founded by New York Senator Kirsten Gillibrand's son, Theodore Gillibrand. The platform has raised $30 million, with most investors contributing between $5,000 and $10k. This investment comes as Gillibrand is involved in negotiations over ethical clauses in the Clarity Act, a bill that will have a significant impact on the U.S. cryptocurrency industry. Gillibrand previously stated that "members of Congress and government officials should not profit from the industry based on their insider status," though her spokesperson responded that she has "no involvement" in her son's business.