Leading cryptocurrency commentator David Gokhshtein floated a theory on Sunday that Hunter Biden’s Laptop (LAPTOP) memecoin may have inadvertently helped advance the CLARITY Act.

Hunter Biden Moved Crypto Legislation Forward?

Gokhshtein said that Democrats have been pushing for ethical guidelines concerning President Donald Trump’s cryptocurrency dealings, including his Official Trump (CRYPTO: TRUMP), as part of the CLARITY Act debate.

But then, Hunter Biden, son of former President Joe Biden, launched his own memecoin.

Gokhshtein argued that the launch shifted the ethics debate from focusing solely on the Trump family’s cryptocurrency ventures to requiring rules that apply broadly to politicians and relatives.

“Maybe Hunter accidentally helped move CLARITY forward,” he added.

Hunter Biden didn’t immediately return Benzinga’s request for comment.

The LAPTOP Fiasco

Biden launched LAPTOP last week, invoking the controversy surrounding his personal laptop recovered in 2020. He framed the memecoin as a symbol of resilience, redemption and recovery.

However, the token has shed more than 99% of its value since launch. The LAPTOP team attributed the extreme volatility to sniper bots and thin initial liquidity, while reports also showed some recipients selling airdropped tokens.

Read Also: Bernie Sanders Says 'Billionaires Aren't Just Buying American Politicians' as Trump Ally Nigel Farage's Party Gets $97 Million in Donations From Crypto Tycoons

CLARITY Act to Pass This Week?

A report emerged that Senate Democrats, led by Minority Leader Chuck Schumer (D-N.Y.), met Sunday evening to discuss the CLARITY Act ahead of Tuesday’s procedural vote.

Meanwhile, Sen. Cynthia Lummis (R-Wyo.) shared the final text of the much-anticipated cryptocurrency legislation.

Lummis said Trump “voluntarily agreed” to new ethics provisions that would subject every federally elected official, federal judge, and their spouses to some of the toughest restrictions in U.S. history.

“Democrats got what they wanted; now they need to take yes for an answer,” the Republican said.

The Senate needs 60 votes to invoke cloture on the motion to proceed, meaning Republicans would need at least seven Democrats or independents if all 53 GOP senators vote yes. Polymarket currently places the CLARITY Act’s passage odds at 31%, up from 17% a week ago.

Read Also: XRP Price Wavers Amid Steady ETF Inflows Ahead of CLARITY Act Vote

Photo courtesy: Andrew Leyden on Shutterstock