Ethereum needs three catalysts to fall into place for its price to regain momentum and surge higher, according to SharpLink Gaming CEO Joseph Chalom.
“One is the CLARITY Act to pass in the US,” Chalom pointed out in an interview with Robert Baggs on Cointelegraph’s Chain Reaction show published to YouTube on Thursday. It came on the same day that all 13 Republican members and two Democrats voted to advance the Digital Asset Market Clarity Act (CLARITY) at the US Senate Banking Committee meeting.
Chalom said that while many view the legislation, which aims to give the US crypto industry greater clarity, as “a US phenomenon,” it is also being seen as a major signal for other jurisdictions around the world.
Other countries are noticing the US shift away from a hostile stance toward crypto
“I’ve been traveling a lot in Asia, and if you go to Korea, Hong Kong, Tokyo and Singapore, they are watching really closely because they realize the US went from having a hostile stance towards crypto and digital assets to um it could become the leader again in finance and you’ll see a red dollarization of a lot of financial activity and these other capitals are very worried,” Chalom said.
Joe Chalom spoke to Cointelegraph’s Robert Baggs on Chain Reaction. Source: Cointelegraph
Chalom said the second catalyst is a return in market risk appetite, which he said will largely depend on geopolitical tensions easing and the cooling of the “AI thesis.” “I think we’ll need some of that to go away in order to see crypto rise again,” Chalom said.
Sharplink Gaming is the second-largest publicly listed Ethereum treasury company, holding approximately 861,251 ETH, valued at $1.89 billion at the time of publication, according to Ethereum Treasuries data.
Ether (ETH) reached an all-time high of $4,823 in August 2025 as part of a broader market uptrend, but has since fallen 55% to $2,190 at the time of publication, according to CoinMarketCap.
Tokenization is where Ethereum will “dominate”
Chalom said the final Ethereum catalyst he’s watching is the continued expansion of real-world asset tokenization.
“Tokenization of financial assets is where Ethereum is going to dominate,” Chalom said.
“I think there’s about 32 billion of tokenized RWA. And tokenization started in 2017. So it’s been remarkably slow. Now you’re seeing announcements of whole fund complexes being tokenized,” he said.
Several major asset managers have recently made announcements related to tokenization.
Related: How the stablecoin market tripled from $100B to $300B in one year
On Wednesday, JPMorgan filed to launch a tokenized money market fund on Ethereum, allowing stablecoin issuers to hold reserves backing their stablecoins in a regulated, cash-like vehicle while earning interest.
In March, Franklin Templeton announced it is teaming with Ondo Finance to bring tokenized versions of its exchange-traded funds onchain, allowing investors to access them through crypto wallets.
Chalom said, “You could see a world where there’s not $30 billion in tokenized assets in a year from now. It could be $500 billion or a trillion.”
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Cointelegraph by Ciaran Lyons