The son of a U.S. senator is building a perpetual contract exchange and seeking joint regulation from the CFTC and SEC.

Jinse Finance reported that on June 19, Theodore Gillibrand, son of New York State Senator Kirstin Gillibrand, raised $30 million in funding for his perpetual contract trading platform, American Perpetuals Exchange Corporation (APEC), led by Lux Capital, with a valuation of approximately $300 million.According to a memorandum dated June 4, APEC plans to apply for a Designated Contract Market (DCM) license and is seeking special exemptions to list single stock perpetual contracts under joint regulation by the CFTC and the SEC. The two regulatory agencies are currently cooperating on regulatory coordination for emerging assets such as perpetual contracts.The memorandum notes that the lack of regulated perpetual contract trading platforms in the United States has not eliminated market demand but has instead pushed trading overseas. APEC also plans to apply for a Derivatives Clearing Organization (DCO) license to enable internal clearing. Theodore Gillibrand is a recent Stanford University graduate and has previously worked at Paradigm and a16z. His mother, Kirstin Gillibrand, is a key supporter of the crypto industry and has co-sponsored the GENIUS Act stablecoin bill.