Theodore Gillibrand, the 22-year-old son of Sen. Kirsten Gillibrand (D-NY), secured investment for his fintech startup from billionaire Chris Larsen, co-founder of Ripple, POLITICO reported on July 2. Along with Larsen, hedge fund manager John Griffin, investor Mark Ein, and Anduril Industries founder Palmer are among more than 30 investors who backed Theodore's venture, the American Perpetuals Exchange Corp. (APEC), with the majority investing $5,000 to $10,000 each. APEC aims to become a trading exchange offering perpetual futures — financial instruments that let traders bet on an asset's price without holding it directly. Senator Gillibrand is among the few Democratic senators holding a pro-crypto position, having introduced the GENIUS Act regulating U.S. dollar-pegged stablecoins that President Donald Trump signed into law in July 2025.
APEC Met with SEC Staff on July 4
APEC's representatives met with the Securities and Exchange Commission (SEC) staff on July 4 and shared a presentation. According to the presentation, the exchange plans to apply for a Designated Contract Market license with a special exemption to list perpetuals for equities and stock indices, but not cryptocurrencies. As oil perpetuals offered by the decentralized exchange Hyperliquid have gained popularity among retail traders amid the U.S.-Iran war, other platforms want to emulate the model.
Theodore Gillibrand Raised $30 Million at $300 Million Valuation
Fortune reported last month that Theodore raised $30 million in a fundraise led by the venture firm Lux Capital at a valuation of $300 million. The company's spokesperson told POLITICO that the majority of investors contributed $5,000 to $10,000 each.
Senator Gillibrand Addresses Conflict-of-Interest Questions
Senator Kirsten Gillibrand introduced the GENIUS Act regulating U.S. dollar-pegged stablecoins. President Donald Trump signed the legislation into law in July 2025. The Democrat is also leading negotiations with Republicans over the inclusion of a government ethics provision in the CLARITY Act to address conflicts of interest arising from the Trump family's crypto ventures. It recently emerged that Trump profited $1.2 billion from his various crypto businesses in 2025, including $636 million from the Official Trump (TRUMP) meme coin. In response, Gillibrand renewed her call for Congress to bar all elected officials and their spouses from issuing or sponsoring their own digital assets.
When asked about her son's startup, the senator said, "My son is a grown adult starting his own independent business. I have no involvement in it whatsoever... That said, I'm enormously proud of him and wish him nothing but the best." As far as Larsen is concerned, he is a serial angel investor who backs several ventures and has previously donated to the Democratic Party.
FAQ
What is APEC and who founded it?
APEC (American Perpetuals Exchange Corp.) is a fintech startup founded by Theodore Gillibrand, the 22-year-old son of Sen. Kirsten Gillibrand (D-NY). The company aims to become a trading exchange offering perpetual futures for equities and stock indices.
Who invested in Theodore Gillibrand's startup?
Billionaire Chris Larsen, co-founder of Ripple, hedge fund manager John Griffin, investor Mark Ein, and Anduril Industries founder Palmer are among more than 30 investors who backed APEC. The majority of investors contributed $5,000 to $10,000 each, according to POLITICO's July 2 report.
When did APEC meet with the SEC?
APEC's representatives met with the Securities and Exchange Commission (SEC) staff on July 4 and shared a presentation outlining the exchange's plan to apply for a Designated Contract Market license with a special exemption to list perpetuals for equities and stock indices, but not cryptocurrencies.
