re: Son of sitting senator receives $30 million for derivatives exchange right out of college

quote:

---

The startup, American Perpetuals Exchange Corporation (APEC), is a trading platform that will list perpetual futures, essentially betting on the price of assets without owning those assets. The company plans to apply for a license from the Commodity Futures Trading Commission (CFTC) to list those perpetuals on equities and stock indexes instead of cryptocurrency.

Sen. Gillibrand previously sat on the Senate Committee on Agriculture, Nutrition, and Forestry, which oversees the CFTC. Sen. Gillibrand is now on the Senate Banking Committee.

---

Sounds like that application needs to be set aside, and get a full colonoscopy to make sure the money is legit and comes with no strings attached.

And Gillibrand needs to sit out in regard to anything that her committee discusses anything both her sons company, Lux, and any other investment. Full recusal. I'm sure her committee knowledge didn't influence his business plan...

quote:

---

The son of a current U.S. Senator just received $30 million for his startup just a few days after he graduated from college.

Theodore Gillibrand, son of Sen. Kirstin Gillibrand, D-N.Y., received the money during a fundraise led by Lux Capital, according to Fortune. The startup is valued at $300 million. Theodore graduated with an undergraduate degree on Sunday.

The startup, American Perpetuals Exchange Corporation (APEC), is a trading platform that will list perpetual futures, essentially betting on the price of assets without owning those assets. The company plans to apply for a license from the Commodity Futures Trading Commission (CFTC) to list those perpetuals on equities and stock indexes instead of cryptocurrency.

Sen. Gillibrand previously sat on the Senate Committee on Agriculture, Nutrition, and Forestry, which oversees the CFTC. Sen. Gillibrand is now on the Senate Banking Committee.

Prior to the multi-million dollar startup, the younger Gillibrand spent a month as a fellow at venture capital firm Paradigm, two months each at Blue Pool Capital and Signum Global Advisors, and before that he was an intern at Andreessen Horowitz and the U.S. Senate.

---

First, looks like the kid spent a few months at these venture capital companies as an intern before getting his brilliant idea that paid him 30 million. Sure, that COULD have been the case. But, most places, what do interns do? Fix coffee.

Second, let’s see how the Senator votes on things now and see if it traces back to anyone who invested in her son’s “company.”