Ripple Labs co-founder Chris Larsen is reported to have invested in a derivatives exchange founded by the son of Senator Kirsten Gillibrand, Theodore Gillibrand, as the Senate considers ethics provisions in the Digital Asset Market Clarity (CLARITY) Act. The venture, American Perpetuals Exchange Corp (APEC), raised $30 million from multiple investors, each contributing between $5,000 and $10,000, according to a Politico report. Senator Gillibrand, a Democrat from New York, has been negotiating ethics language in the CLARITY Act, legislation that aims to regulate crypto firms operating in the United States, and said any vote for the bill must address conflicts of interest involving public officials. According to a Thursday Politico report, Larsen was one of several investors backing APEC, which is developing a platform for crypto derivatives. The report did not specify Larsen’s exact contribution, but indicated that most investors contributed between $5,000 and $10,000 each. A spokesperson for Senator Gillibrand said her son is a grown adult running an independent business and that she had no involvement in the investment. Democratic lawmakers have urged Republican leaders, who hold a narrow Senate majority, to include stricter ethics language in the CLARITY Act, citing former President Donald Trump’s ties to the crypto industry. Senate Republicans are expected to bring the bill to a vote in July, though the schedule limits the window before the upcoming election. Senator Cynthia Lummis, a Republican from Wyoming, said in June that negotiations were focusing on ethics, decentralized finance, and illicit transactions as part of the bill’s progress. Congressional timetable places the potential vote after the July 4 holiday, with the Senate returning on July 13 and leaving for a month‑long recess in August, creating a narrow period for passage before the November election. Cointelegraph reached out to APEC for comment but did not receive an immediate response. The outcome of the CLARITY Act and the role of the APEC investment in the broader debate over crypto regulation remain uncertain as the Senate schedules votes later this summer.