Ethereum's second-term surge, and how Washington's shift on crypto is changing the game

With President Trump pushing Congress to deliver on crypto regulation, Ethereum is experiencing a tailwind. There are institutional investors pouring in, corporations making treasury bets on ETH and the SEC taking a more relaxed stance. 

Ethereum’s year has been unpredictable. It crashed hard at the start of 2026 and fought its way back by late summer. As of Saturday, Sept. 26, the Ethereum to USD rate sat at $2,688.91, according to Binance data. Beneath these price swings, there’s a bigger policy story playing out: Trump’s administration has spent its second term trying to pull crypto out of legal limbo and shape it into a regulated industry. Ethereum is one of the standout winners, and one of the more interesting topics in DC.

What has Trump done for crypto?

The first move came in January, when Trump signed an executive order to create the President’s Working Group on digital assets, according to public records from the White House. That group ended up releasing a formal White House policy report. Next was the GENIUS Act: A stablecoin law passed in July 2025, giving the US its first federal regulatory framework for stablecoins, according to the Senate bill from Congress.

Since then, the focus shifted to the CLARITY Act. Trump brought crypto execs to the White House and pushed Congress to move on the Digital Asset Market Clarity Act, telling everyone the U.S. was “at the very beginning of a revolution” in finance, Reuters reported. Back in May, the Senate Banking Committee passed its version with a 15-9 bipartisan vote, per a statement from Chairman Scott. Meanwhile, SEC Chair Paul Atkins made it official in a public statement on the SEC’s website: The agency isn’t going after crypto with “regulation by enforcement” anymore.

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Has Trump himself talked up Ethereum?

Not as much as people think. Most of the public hype has come from Eric Trump. On Saturday, July 11, Eric threw praise at Ethereum on X, sharing an ETH/BTC chart and writing “ETH is pumping hard! Great to see!” But, according to Yahoo Finance, ETH ended up dropping 48% in the next two months, and critics wasted no time taking shots at his enthusiasm.

When it comes to the president, his public comments have leaned more toward competitiveness: Trump says passing CLARITY would “keep us ahead of China, keep us ahead of everyone else,” as reported in a White House briefing in August 2026.

What’s the business play of these policy changes?

First, take a look at corporate Ethereum treasuries. BitMine upped its holdings by buying 40,302 ETH, almost $117 million. Now, the company holds over 4.24 million Ether, or 3.52% of all coins. With $12.8 billion in crypto and cash on hand, BitMine says it’s staked over 2 million ETH and expects over $400 million in annual pre-tax income, per Yahoo Finance. SharpLink Gaming did something similar. After pivoting from online gaming, it’s now one of the largest public Ethereum treasury holders, with more than 830,000 ETH in its accounts, The Block reported.

Second, there's ETF staking. According to the official Federal Register, Cboe BZX Exchange sent the SEC a filing on behalf of 21Shares, asking for comments on allowing Ether held in the 21Shares Core Ethereum ETF to be staked. NYSE Arca filed requests to allow staking for Grayscale’s Ethereum ETFs.

Chicago Star Media reported in August 2025 that SharpLink Gaming had raised $400 million to buy more Ethereum, lifting its holdings past $3 billion, a reminder for Chicago investors that owning a company's stock can now mean indirect exposure to ETH.

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What’s happening with the price and the market?

On Saturday, Sept. 26, Ether's 24-hour trading volume came to about $12 billion. The price was up from $2,377.98 early on Wednesday, Sept. 2, but still well short of the August 2025 peak of $4,958, according to Binance.

But the bigger picture goes far beyond ETH itself. After Trump called for Congress to pass the new bill, Bitcoin, Ethereum and the rest jumped. A legal framework doesn’t just help one coin: It’s what lets pension funds, corporate treasuries and ETF issuers treat crypto like any other asset class, instead of a legal headache.

FAQ

Is the CLARITY Act law yet?

No. As of late September 2026, it passed the Senate Banking Committee, but it was then voted against by the Senate on September 15, 2026. This means the act is now stalled.

Did Trump personally call Ethereum a good investment?

No. Eric Trump was the one hyping ETH in his July 2026 social post, and the price tanked soon after.

Why does ETF staking matter for regular investors?

If regulators sign off, spot Ethereum ETFs could earn staking rewards on the ETH they hold and pass some of that yield to shareholders. That turns a pure price play into an income-generating investment.