Ripple executive chair Chris Larsen has been reported as one of the backers of a financial venture launched by Theodore Gillibrand, the son of US Senator Kirsten Gillibrand, according to a Politico report dated Thursday. The development lands in parallel with ongoing Senate negotiations over the Digital Asset Market Clarity (CLARITY) Act—US crypto market-structure legislation that lawmakers say could reshape how digital-asset businesses operate.

Politico reports that American Perpetuals Exchange Corp. (APEC), founded by Theodore Gillibrand, raised $30 million, with most investors contributing between $5,000 and $10,000 apiece. Larsen’s reported involvement was noted by Politico, though the report did not specify Larsen’s exact contribution.

Key takeaways

• Politico reports Chris Larsen was among investors backing APEC, Theodore Gillibrand’s derivatives-focused venture.
• APEC’s funding is described as totaling $30 million, with typical contributions reportedly in the $5,000–$10,000 range.
• The investment is unfolding while Senator Kirsten Gillibrand negotiates ethics provisions in the CLARITY Act.
• Democratic lawmakers are pressing Republicans to include ethics language, with questions framed around conflicts involving lawmakers and government officials.
• The Senate schedule—returning July 13 and then breaking again for an extended state work period—narrows the time left for CLARITY to advance.

APEC funding and the Larsen connection

In its Thursday coverage, Politico said Larsen was one of a small set of investors supporting APEC, the company created by Theodore Gillibrand. The report emphasizes that while APEC attracted a broader group of investors, individual stakes cited in the coverage were relatively modest, with “the majority” contributing between $5,000 and $10,000.

However, Politico did not publish Larsen’s exact amount. For readers tracking the intersection of finance and policy, the more relevant takeaway is not the dollar figure itself, but the timing: the reported investment is occurring while Gillibrand’s office and other lawmakers work to finalize provisions of a bill widely expected to influence the regulatory environment for crypto exchanges, issuers, and derivatives markets.

Ethics provisions in the CLARITY Act are front and center

The reported APEC backers’ list is becoming part of a broader political debate because the CLARITY Act is in active negotiation, and Gillibrand has publicly tied her support to ethics reforms.

As Cointelegraph previously reported, Gillibrand said in May that lawmakers would not be voting for the bill unless ethics concerns were addressed—specifically, the risk that members of Congress or senior administration figures could benefit financially from the crypto industry due to their government roles. In that context, she characterized such outcomes as an unacceptable form of “pay for play.”

“[T]he truth is, is that we cannot allow members of Congress, senior administration officials, presidents or vice presidents, to get rich off of these industries because of their insider status. It is the worst form of pay for play.”

A spokesperson for Gillibrand told Cointelegraph that her son was “a grown adult starting his own independent business” and that the senator had “no involvement in it whatsoever.” Politico’s report does not resolve the underlying political dispute, but it intensifies scrutiny of how lawmakers’ personal or family-adjacent business ties are perceived while ethics language is being negotiated for a major policy package.

Cointelegraph also reported that it reached out to APEC for comment but did not receive an immediate response.

Republicans expect movement—Democrats push harder on ethics

CoinShares data is not referenced in the reporting provided here; instead, the key developments revolve around how Congress plans to handle CLARITY’s legislative path. Democratic lawmakers have been urging Republicans, who hold a majority in Congress, to adopt ethics language in the act. Their calls cite concerns that involve the current administration’s ties to the crypto industry.

On the Republican side, leaders have signaled they expect the bill to move through the Senate in July. Senator Cynthia Lummis, according to Cointelegraph reporting from June, said lawmakers were “working a little bit on ethics,” along with other topics raised in negotiations, including decentralized finance and illicit transactions.

That mix matters because CLARITY is not just a single-issue bill—it is positioned as market-structure legislation. If ethics provisions end up changing the compliance burdens, definitions, or governance expectations for firms operating in the US, those downstream impacts could affect everything from how trading and derivatives products are offered to what internal controls businesses must maintain.

At the procedural level, the Senate’s thin margin means Republicans will need at least some Democratic support to reach the 60-vote threshold for CLARITY to pass.

The legislative timetable is tightening

Even as the debate continues, lawmakers’ calendars are becoming an additional constraint. The Senate is currently in its Independence Day holiday period. Per the schedule described in Cointelegraph’s reporting, the chamber is set to return to session on July 13 and then head into another month-long state work period in August.

That means the practical window for crypto market-structure action is shrinking well before the US election season—an environment that often leads to renewed legislative delay and reprioritization. For crypto firms and investors, the key watch item is whether negotiations on ethics provisions keep the bill on track through July, or whether the calendar effectively pushes momentum into a later legislative session.

While the APEC funding story may appear at first glance to be separate from CLARITY policy talks, it is the simultaneous timing that’s likely to influence political attention. As ethics language becomes part of the bill’s final shape, stakeholders will want to monitor not only the bill’s progress, but also how the Senate frames conflicts-of-interest concerns and whether those discussions drive any substantive changes to the bill text.

What to watch next is the Senate’s ability to reconcile ethics negotiations with broader market-structure provisions before the July vote window narrows—alongside any further disclosure or clarification about the reported involvement of industry figures in private-sector activity during an election-adjacent legislative crunch.

SBI Crypto, a cryptocurrency-focused division of Japanese financial conglomerate SBI, is shutting down its Bitcoin mining pool after a five-year run.

The company announced Wednesday that it will end mining pool operations on July 31 and will stop accepting mining shares at the same time. It did not provide its rationale for closing the pool.

SBI Crypto said miners should keep directing hashrate to the pool until the cutoff so final payouts can be calculated correctly before operations end. “We would sincerely appreciate your continued support by mining with us until the final day of operation,” it said.

The shutdown marks the end of one of Japan’s better-known corporate mining pool operations and is the latest sign of SBI’s intentions to expand its broader cryptocurrency strategy beyond mining.

SBI Crypto’s BTC mining pool ranks No. 12 globally

SBI Crypto launched its Bitcoin mining pool in March 2021, entering a market that at the time was dominated by operators such as Poolin, F2Pool and Binance Pool.

Data from SimpleMining shows SBI Crypto currently ranks as the 12th largest Bitcoin mining pool globally, with about 21.46 exahashes per second (EH/s) of hashrate and roughly 2.24% of total Bitcoin network share.

Source: SimpleMining

That places it far behind leaders like Foundry USA, which controls about 24.49% of the network, and AntPool at around 19.05%. Mid- and lower-tier mining pools such as ViaBTC and MARA Pool account for about 8.55% and 5.15% of the global Bitcoin mining hashrate, respectively.

Miner migration to alternative pools

SBI Crypto directed miners toward several alternative Bitcoin mining pool operators as it prepares to shut down its service, including Braiins, Luxor and NeoPool.

Among them, Braiins and Luxor are established mid-tier mining infrastructure providers, each controlling around 2%-3% of global Bitcoin hashrate, according to SimpleMining data. NeoPool is not included in the top-ranked pools by hashrate.

Source: Braiins

“Some operators may offer special programs or preferential conditions for clients transitioning from SBI Crypto,” the company said, adding that customers are encouraged to contact each operator directly for details.

Related: Bitcoin mining difficulty drops 10% in 11th largest downward adjustment

The shutdown comes as SBI Holdings continues to expand its broader cryptocurrency strategy beyond mining.

The company recently agreed to acquire full control of crypto exchange Bitbank in a 46.7 billion Japanese yen ($289 million) deal, aiming to create Japan’s largest cryptocurrency exchange.

SBI has also been increasing its focus on stablecoins, backing JPYSC, a new trust bank-backed Japanese yen stablecoin, and supporting Ripple’s rollout of the Ripple USD (RLUSD) stablecoin in Japan.

Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?

Binance has returned to the Philippine market through a regulatory sandbox route, while its European operations face new limits. The exchange gained access through BlockShoals Technologies, which secured approval from the Philippine SEC. However, Binance also restricted some services in several EU countries after MiCA rules fully took effect.

Binance Re-Enters Philippines Through SEC Sandbox

The Philippine Securities and Exchange Commission approved BlockShoals Technologies to test crypto-related services under its regulatory sandbox. The approval allows the company to operate its Stratbox model with selected products for local users. As a result, Binance gains a regulated pathway back into the Philippine market.

The sandbox approval followed an earlier clearance granted in November 2025, after BlockShoals met the remaining compliance requirements. The SEC said the company will operate under a crypto-asset intermediary model. Therefore, Philippine users can access selected services through a global crypto-asset service provider partner.

Binance acts as the global partner in the approved testing framework. BlockShoals will connect its systems with a local virtual-asset service provider partner during a 90-day rollout. After that, the company will continue testing user onboarding and product access under regulatory supervision.

Philippine Crypto Rules Tighten As Binance Returns

The approval comes as the Philippines continues to tighten its crypto market rules. Regulators have moved to strengthen listing standards and restrict assets that raise oversight concerns. Earlier, the country also pushed restrictions on privacy coins under its broader compliance approach.

This background gives Binance’s return a narrow but important regulatory angle. The exchange does not re-enter through a full open-market relaunch. Instead, it enters through a controlled sandbox with defined products, safeguards, and testing limits.

The structure also gives regulators more room to monitor user access and platform activity. It allows the SEC to test how offshore crypto services connect with local rules. Therefore, the Philippine market becomes a measured entry point for Binance in Southeast Asia.

Binance Limits EU Access After MiCA Deadline

While Binance gains room in the Philippines, it faces tighter conditions in Europe. The exchange has suspended new user registration, deposits, and Earn products in several EU markets. These restrictions affect users in Italy, Spain, France, Poland, Belgium, and Sweden.

The changes followed the end of the European Union’s MiCA transition period on July 1. MiCA created a unified licensing framework for crypto-asset service providers across the bloc. However, exchanges must secure authorization in an EU member state to continue full operations.

Binance had planned to seek authorization in Greece, but later withdrew that application before the deadline. The company said it will now pursue licensing in another EU member state. Meanwhile, it continues to work with regulators to restore compliant services across the region.

Withdrawals Remain Open As Binance Adjusts

Binance said affected users can still withdraw and transfer their assets. The exchange also said product access will vary by country, account status, and available services. Therefore, some users may face broader limits than others, depending on local restrictions.

The company has told users to rely on official communication channels for updates. It also said customer support will handle product access and withdrawal-related questions. This approach aims to reduce confusion as service limits take effect across affected markets.

The contrast between the Philippines and Europe shows Binance’s uneven regulatory path. In one market, the exchange gains access through supervised testing and local partnerships. In another, it pulls back while seeking a license under stricter regional crypto rules.

Russia’s central bank governor Elvira Nabiullina has said the country is prepared to launch its central bank digital currency (CBDC), the digital ruble, by Sept. 1—after the timeline previously outlined for the project. According to Russian state media outlet RIA Novosti, Nabiullina framed the schedule as feasible and suggested that work continues on shaping the system’s functionality.

As the digital ruble heads toward an expected rollout, the project remains entangled with sanctions dynamics. The European Union has already announced restrictions tied to Russia’s CBDC plans, while domestic Russian officials have discussed the legislative pathway and the expected transition period after the law takes effect.

Key takeaways

• Elvira Nabiullina said Russia is ready to launch a digital ruble on Sept. 1, with initial acceptance by financial and credit institutions.
• The digital ruble is intended to function alongside the existing ruble, rather than replace it.
• European Union sanctions included restrictions affecting Russia’s CBDC efforts announced earlier this year.
• Russia’s first deputy central bank governor, Vladimir Chistyukhin, said the enabling law would be enacted on Sept. 1, followed by a transition period until July 2027.
• In the U.S., a separate legislative push would impose a ban on a CBDC issued by the central bank until 2030, reflecting a contrasting regulatory direction.

Digital ruble timetable reaffirmed

RIA Novosti reported that Nabiullina said “everyone is ready” for a Sept. 1 launch of the digital ruble. The central bank governor also emphasized the goal of making the system useful in real-world payments, stating that the authorities are continually discussing what features and functionality should be developed.

In the reporting, Nabiullina described the digital ruble as a complement to Russia’s fiat currency—the ruble—designed to be adopted first through financial and credit institutions. That positioning is important for how the project is likely to be implemented in practice: rather than starting as a consumer-facing token ecosystem, the initial pathway appears geared toward regulated intermediaries.

The digital ruble project has been underway since 2021, and its progress has increasingly been assessed through both technical readiness and the legal timetable. What’s newly underscored by the latest statement is that the central bank is reiterating that the schedule remains on track for a Sept. 1 go-live.

Sanctions pressure and compliance constraints

Russia’s CBDC plans have also been met with preemptive restrictions from the European Union. The EU announced restrictions on the digital ruble in April, as part of a sanctions package described by the Council of the European Union as responding to Russia’s “war of aggression against Ukraine.”

The sanctions framework matters for investors and market participants because it signals how cross-border financial institutions and payment rails may interpret compliance risk around the digital ruble. Even if the CBDC is primarily used within Russia, the broader financial system still connects to global counterparties, correspondent banking, and technology supply chains—areas that sanctions can affect directly or indirectly.

Commentary on the strategy has extended beyond government statements. In a February 2025 report carried by Australian Institute of International Affairs, Dr. Jack Jarmon—described as having served as a USAID technical adviser for the Russian government in the 1990s—argued that Russia could face “structural limitations” if it relies on proof-of-work (PoW) digital assets such as Bitcoin to help evade sanctions. He pointed to energy infrastructure constraints, including the age and upgrade needs of Russia’s power grid, and argued that sanctions cut Russia off from financial capital and technology while leaving the country dependent on external suppliers for components.

While Jarmon’s remarks focused on PoW mining and sanctions circumvention risk rather than the CBDC itself, the broader implication is that Russia’s financial modernization efforts are happening under constraints that can shape implementation speed, technology sourcing, and system design choices.

Law enactment and a multi-year transition

In addition to Nabiullina’s launch timeline, reporting attributed to Russia’s central bank adds specificity on the legal mechanics. RIA Novosti said Vladimir Chistyukhin, the bank’s first deputy governor, stated that legislation enabling the digital ruble would be enacted on Sept. 1, with a transition period extending until July 2027.

This kind of phased structure is often critical for CBDCs because it gives regulators time to define operational rules, settlement responsibilities, and governance frameworks. For market observers, the transition period also suggests that the Sept. 1 date should be viewed as a formal starting point, not necessarily as the end of policy and implementation adjustments.

At the same time, the combination of EU restrictions and an internal transition schedule creates a dual-track environment: the central bank can proceed domestically with regulatory rollout, while external counterparts may apply tighter compliance screening as sanctioned entities and technologies could still be relevant to cross-border processes.

U.S. legislative momentum highlights the global split

Russia’s move stands in sharp contrast to the U.S. approach. While Russia is preparing for a digital ruble rollout, the article notes that U.S. President Donald Trump has received the 21st Century ROAD to Housing Act—a housing bill that includes a ban on a digital dollar as part of housing affordability legislation.

The reported mechanism is notable: the article says Trump expects not to sign the bill, but it would still become law automatically if no action is taken within 10 days. Under that timeline described in the report, the ban would take effect in July. The same reporting indicates that the ban would cover central bank issuance or creation of a CBDC until 2030.

For global observers, this highlights how CBDCs are not treated uniformly across jurisdictions. Instead, regulation is emerging as a policy battleground intertwined with national priorities—financial sovereignty concerns in some cases, and skepticism toward digital-dollar rollout in others. The divergence can affect cross-border planning for fintech providers, banks, and payment infrastructure vendors that operate in multiple regulatory environments.

It also matters for interoperability expectations. Even if CBDCs expand domestically, future integration across borders can be shaped—or limited—by differences in legal authority and political will.

With Sept. 1 now repeatedly referenced by Russia’s central bank leadership, attention is likely to shift from announcements to execution: how the digital ruble will be operationalized through financial and credit institutions, how the transition period to July 2027 unfolds, and how EU restrictions and compliance practices influence any future external access. On the U.S. side, the key watch item is whether the CBDC ban’s effective date and scope become a durable baseline for U.S. digital currency policy through 2030.

Chris Larsen, co-founder and executive chair of Ripple Labs, was reportedly among those backing the financial venture of US Senator Kirsten Gillibrand’s son as negotiations over a significant piece of crypto-related legislation continue in the Senate.

According to a Thursday Politico report, Larsen was one of a handful of investors backing the American Perpetuals Exchange Corp. (APEC), founded by Theodore Gillibrand. Although Larsen’s exact contribution was not included in the report, the majority of investors contributed between $5,000 to $10,000 each into the derivatives platform, which reportedly raised $30 million.

The investment comes as the New York lawmaker is involved in negotiations over ethics provisions in the Digital Asset Market Clarity (CLARITY) Act, legislation expected to have a significant impact on crypto companies operating in the US, including Ripple. Gillibrand said in May that no one would be voting for the bill without addressing ethics:

“[T]he truth is, is that we cannot allow members of Congress, senior administration officials, presidents or vice presidents, to get rich off of these industries because of their insider status. It is the worst form of pay for play.” 

A spokesperson for the senator referred Cointelegraph to her June 18 statement saying that her son was “a grown adult starting his own independent business” and she had “no involvement in it whatsoever.” Cointelegraph reached out to APEC for comment but did not receive an immediate response.

Related: Fed chair nominee pressed on potential conflicts of interest, independence

Democratic lawmakers have been pushing Republicans, who hold a majority in Congress, to support efforts to add ethics language to the CLARITY Act, citing US President Donald Trump’s ties to the crypto industry. Republican leaders in the Senate are expecting the bill to pass the chamber in July, with Senator Cynthia Lummis saying in June that lawmakers were “working a little bit on ethics,” decentralized finance and illicit transactions as part of negotiations.

Source: Senator Elizabeth Warren

Senate Republicans hold a slim majority in the chamber, meaning they will need some Democratic support to meet the 60-vote threshold for CLARITY to pass.

Congressional schedule squeezes window for CLARITY bill

Lawmakers in the US Senate are on state work periods for the Independence Day holiday. Scheduled to return to session on July 13 and leave for another month-long state work period in August, the window to pass crypto market structure is closing before US election day, which is expected to result in additional delays.

Magazine: AI is banking the unbanked in Africa… faster than crypto