Chris Larsen, the co-founder and chairman of Ripple, contributed nearly $9.9 million to Future Forward in September, in addition to more than $800,000 to the Harris Victory Fund, according to FEC data compiled by Breadcrumbs crypto market and blockchain analyst James Delmore and independently verified by CNBC.

Including Larsen’s August contribution of $1 million worth of XRP tokens, the billionaire has given more than $11.8 million to PACs supporting the Harris campaign, making him one of the crypto industry’s largest individual donors this cycle.

Larsen, who’s backed candidates across the aisle the last few years, told CNBC in an interview that his comfort level with Harris comes from conversations he’s had with people inside the campaign and what he’s seen from the vice president since she replaced President Biden at the top of the ticket in July.

It helps that Harris is from the Bay Area.

“She knows people who have grown up in the innovation economy her whole life,” Larsen previously told CNBC. “So I think she gets it at a fundamental level, in a way that I think the Biden folks were just not paying attention to, or maybe just didn’t make the connection between empowering workers and making sure you have American champions dominating their industries.”

Larsen’s affection for the Democratic nominee isn’t new. In February, he gave the maximum personal contribution of $6,600 to Harris (which would cover the primary and general election), about five months before she became the Democratic presidential nominee, FEC filings show. At the same time, he contributed $100,000 to the Harris Action Fund PAC.

Larsen, 64, has a net worth of $3.1 billion, according to Forbes, primarily from his ownership of XRP and involvement in Ripple, which provides blockchain technology for financial services companies.

He’s part of an industry that’s become suddenly prominent in political fundraising, though more heavily in support of Republicans. Nearly half of all the corporate money flowing into the election has come from the crypto industry, according to a recent report from the nonprofit watchdog group Public Citizen.

The Trump PAC has raised about $7.5 million crypto donations since early June.

Fairshake, which is one of the top spending PACs this year, is targeting close House races. The committee gave out nearly $29 million in September.

Of that sum, $20 million went to two affiliated PACs — $15 million to the Defend American Jobs PAC, a single-issue committee focused on cryptocurrency and blockchain policy that’s favored Republicans, and $5 million to Protect Progress, which has only supported Democrats.

The remaining $8.8 million spent by Fairshake last month mostly went to House races in New York, Nevada and California, according to FEC data compiled by crypto market and blockchain analyst James Delmore and verified by CNBC. 

Several of those races are considered toss-ups by the Cook Political Report. Among the recipients were Southern California Republicans David G. Valadao and Michael Garcia, who are in tight contests to keep their seats. They’ve received $1.3 million and $1 million, respectively.

For the 2024 cycle, political donations from or supporting the crypto industry reached around $190 million and so far, crypto groups have spent over $130 million of that cash in congressional races for this year’s election, including the primaries.

U.S. crude oil futures jumped more than 2% on Monday, reclaiming some of the losses from last week’s steep sell-off.

The U.S. benchmark finished last week more than 8% lower as traders increasingly believe Israel-Iran tensions will not lead to an oil supply disruption in the Middle East.

Prices rose Monday after China cut its benchmark lending rate. Saudi Aramco CEO Amin Nasser said he remains “fairly bullish” on demand in the world’s second largest economy.

Here are Monday’s energy prices:

• West Texas Intermediate November contract: $70.82 per barrel, up $1.60, or more than 2%. Year to date, U.S. crude is oil has fallen about 1%.
• Brent December contract: $74.50 per barrel, up $1.44, or 2%. Year to date, the global benchmark has declined more than 3%.
• RBOB Gasoline October contract: $2.043 per gallon, up 2.1%. Year to date, gasoline has pulled back nearly 3%.
• Natural Gas October contract: $2.326 per thousand cubic feet, up 3%. Year to date, gas has tumbled more than 7%,

The oil market has shifted focus back to supply and demand fundamentals, with consumption in China softening as supplies are expected to rise.

Morgan Stanley is forecasting a surplus of 1.3 million barrels per day in 2025 as demand in China softens, OPEC plans to bring barrels back to the market in December, and the U.S. continues to produce crude at a strong clip.

With the 2024 election hitting its homestretch, the leading pro-crypto super PAC has funneled a big chunk of its final donations to close House races as part of an effort to push candidates favorable to the group’s agenda over the top.

Fairshake, which has been one of the top spenders across any industry this election cycle, doled out nearly $29 million in September, according to Federal Election commission data released to the public on Sunday. Of that sum, $20 million went to two affiliated PACs — $15 million to the Defend American Jobs PAC, a single-issue committee focused on cryptocurrency and blockchain policy that’s favored Republicans, and $5 million to Protect Progress, which has only supported Democrats.

The remaining $8.8 million spent by Fairshake last month mostly went to House races in New York, Nevada and California, according to FEC data compiled by crypto market and blockchain analyst James Delmore and verified by CNBC. 

Several of those races are considered toss-ups by the Cook Political Report. Among the recipients were Southern California Republicans David G. Valadao and Michael Garcia, who are both in tights contests to keep their seats. They’ve received $1.3 million and $1 million, respectively.

“The Fairshake donations to the California candidates in toss-up districts are important not only to get pro-crypto candidates elected in House seats that could go either way, but also because a lot of crypto companies are still located in California,” Delmore said. “California needs all of the pro-crypto politicians they can get.”

Additionally, Fairshake gave more than $1.9 million to Rep. Patrick Ryan (D-NY), over $1.7 million to Rep. Steven Horsford (D-Nev.) and almost $1 million to Rep. Angela Dawn Craig (D-Minn.). The remaining cash went to a mix of candidates in Illinois, Colorado, Oregon, Iowa and Arkansas.

Of the House donations, $6.2 million went to Democratic candidates and $2.3 million to Republicans. In the September window, Protect Progress gave more than $10 million apiece to Democrats running for Senate in Arizona and Michigan.

For the 2024 cycle, political donations from or supporting the crypto industry reached around $190 million, with contributions coming from some of the biggest names in the sector. A report from Public Citizen in August found that crypto companies have accounted for nearly half of all donations made by corporations this election cycle.

Crypto groups have spent over $130 million in congressional races for this year’s election, including the primaries, according to FEC data.

Delmore told CNBC that donations to Fairshake have been tepid the last few months.

In September, the group added around $1.1 million, with $800,000 coming from crypto firm Consensys, which was sued by the SEC in June, and $1,000 from Moonsong Labs CEO Derek Yoo.

In total, Fairshake has raised more than $160 million and disbursed over $37 million to support House candidates and to run ads opposing Democrat Katie Porter, who lost in the California Senate primary. More than $84 million was transferred to Fairshake’s affiliate PACs.

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