Ripple Co-Founder Among Investors In Crypto Venture Tied To Senator’s Son

Ripple Labs executive chair Chris Larsen was reportedly one of several backers of a derivatives exchange founded by the son of a sitting US senator, according to a new report. The venture, called American Perpetuals Exchange Corp, raised $30 million, with most investors putting in between $5,000 and $10,000 each.

Senator Says She Had No Role

The founder’s mother, a New York senator, is currently negotiating ethics provisions in a major crypto market structure bill moving through Congress. She has said publicly that her son is a grown adult running his own business and that she had no involvement in it. Her office pointed reporters back to that earlier statement when asked for comment. The exchange itself did not immediately respond to a request for comment.

The senator has previously said lawmakers cannot allow members of Congress or senior officials to profit from insider status, calling it the worst form of pay for play. Democrats have pushed Republicans to add ethics language to the bill, pointing to the president’s own crypto ties. Republican leaders expect the bill to pass in July, though a slim majority means some Democratic votes are needed. With senators away for the holiday and returning July 13, the timeline is tightening ahead of election season.