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Son of Pro-Crypto Senator Raises $30 Million to Launch US-Based Perpetual Futures Exchange
Theodore Gillibrand, 22, the son of Senator Kirsten Gillibrand, has secured a $30 million financing round for his startup, American Perpetuals Exchange Corporation (APEC). The deal, led by venture capital firm Lux Capital, values the company at $300 million.
APEC plans to operate a derivatives exchange that will offer perpetual futures contracts—often called “perps”—tied to equities and stock indexes. Perpetual futures allow traders to speculate on the price of an underlying asset without owning it and without a fixed expiration date. According to a presentation filed with the Securities and Exchange Commission, the company intends to seek approval from the Commodity Futures Trading Commission (CFTC) to list single‑name equity perps and index perps in the United States.
The funding round was reported by Fortune, citing sources familiar with the matter. A spokesperson for Lux Capital confirmed that the firm led the investment. No other investors were named in the public filings.
Gillibrand’s background includes a fellowship at crypto‑focused venture firm Paradigm and an internship at Andreessen Horowitz, a major Silicon Valley investor with significant crypto holdings. He graduated from Stanford University in 2026. The startup’s leadership team is not yet publicly disclosed beyond Gillibrand.
Senator Kirsten Gillibrand has been a prominent advocate for clear cryptocurrency regulation. She has worked with Republican Senator Cynthia Lummis on bipartisan legislation to create a federal framework for digital assets and was a key architect of the GENIUS Act, which establishes a regulatory structure for stablecoins.
The move to launch a regulated perpetual futures venue aligns with a broader push by U.S. regulators to bring more digital‑asset trading under domestic oversight. The CFTC and the Securities and Exchange Commission have been coordinating on the regulatory status of crypto derivatives, and several exchanges have sought dual approval from both agencies.
APEC’s focus on equity and index perps distinguishes it from many existing crypto‑centric perpetual exchanges. The company’s strategy reflects a belief that institutional demand for leveraged exposure to traditional markets can be met through a regulated platform that also offers exposure to digital assets.
The company’s SEC filing indicates that it will pursue a harmonized regulatory approach, seeking CFTC approval for the futures contracts while also ensuring compliance with securities laws for any equity‑linked products. The filing does not yet disclose the specific products or launch timeline.
The funding round and the company’s stated regulatory path have attracted attention from industry observers. Analysts note that a venture‑backed exchange with a high valuation and a founder linked to a prominent pro‑crypto legislator could signal growing institutional interest in regulated derivatives.
As of the date of this report, APEC has not yet announced a launch date or a list of product offerings. The company’s next steps will likely involve further regulatory filings, technology development, and market testing.
The development comes at a time when the U.S. regulatory landscape for crypto derivatives is evolving. The CFTC has issued guidance on the treatment of crypto futures, and the SEC has clarified its stance on securities‑based derivatives. APEC’s approach may provide a template for other firms seeking to combine traditional and digital asset derivatives under a single regulated platform.
The company’s progress will be monitored by market participants and regulators alike, as it could influence the pace at which regulated perpetual futures become available to U.S. investors.
APEC plans to operate a derivatives exchange that will offer perpetual futures contracts—often called “perps”—tied to equities and stock indexes. Perpetual futures allow traders to speculate on the price of an underlying asset without owning it and without a fixed expiration date. According to a presentation filed with the Securities and Exchange Commission, the company intends to seek approval from the Commodity Futures Trading Commission (CFTC) to list single‑name equity perps and index perps in the United States.
The funding round was reported by Fortune, citing sources familiar with the matter. A spokesperson for Lux Capital confirmed that the firm led the investment. No other investors were named in the public filings.
Gillibrand’s background includes a fellowship at crypto‑focused venture firm Paradigm and an internship at Andreessen Horowitz, a major Silicon Valley investor with significant crypto holdings. He graduated from Stanford University in 2026. The startup’s leadership team is not yet publicly disclosed beyond Gillibrand.
Senator Kirsten Gillibrand has been a prominent advocate for clear cryptocurrency regulation. She has worked with Republican Senator Cynthia Lummis on bipartisan legislation to create a federal framework for digital assets and was a key architect of the GENIUS Act, which establishes a regulatory structure for stablecoins.
The move to launch a regulated perpetual futures venue aligns with a broader push by U.S. regulators to bring more digital‑asset trading under domestic oversight. The CFTC and the Securities and Exchange Commission have been coordinating on the regulatory status of crypto derivatives, and several exchanges have sought dual approval from both agencies.
APEC’s focus on equity and index perps distinguishes it from many existing crypto‑centric perpetual exchanges. The company’s strategy reflects a belief that institutional demand for leveraged exposure to traditional markets can be met through a regulated platform that also offers exposure to digital assets.
The company’s SEC filing indicates that it will pursue a harmonized regulatory approach, seeking CFTC approval for the futures contracts while also ensuring compliance with securities laws for any equity‑linked products. The filing does not yet disclose the specific products or launch timeline.
The funding round and the company’s stated regulatory path have attracted attention from industry observers. Analysts note that a venture‑backed exchange with a high valuation and a founder linked to a prominent pro‑crypto legislator could signal growing institutional interest in regulated derivatives.
As of the date of this report, APEC has not yet announced a launch date or a list of product offerings. The company’s next steps will likely involve further regulatory filings, technology development, and market testing.
The development comes at a time when the U.S. regulatory landscape for crypto derivatives is evolving. The CFTC has issued guidance on the treatment of crypto futures, and the SEC has clarified its stance on securities‑based derivatives. APEC’s approach may provide a template for other firms seeking to combine traditional and digital asset derivatives under a single regulated platform.
The company’s progress will be monitored by market participants and regulators alike, as it could influence the pace at which regulated perpetual futures become available to U.S. investors.
