Senator Ron Wyden (D-Ore.) introduced legislation Thursday that would sharply curtail President Trump's authority to impose tariffs, a direct challenge to the administration's trade policy as a widening global trade war begins to weigh on cryptocurrency markets.
The bill, filed as the Trade Oversight and Congressional Consent Act, would require the president to obtain congressional approval before enacting any new tariffs above a baseline rate. It comes as the White House has threatened 100% tariffs on goods from several allied nations, escalating a conflict that has already rattled equity and crypto markets alike.
What the bill does
Wyden's proposal would amend the Trade Act of 1974 to strip the president of the ability to unilaterally raise tariffs under the International Emergency Economic Powers Act (IEEPA) — a tool the Trump administration has used repeatedly since 2025. The bill would also require the president to report to Congress within 30 days of any tariff action, detailing the economic justification and expected impact on consumers and businesses.
“The Constitution gives Congress the power to regulate commerce, and that power cannot be delegated away without clear limits,” Wyden said in a statement. “Blank-check tariff authority is bad for American workers, bad for American businesses, and it's creating chaos in markets that depend on predictable trade rules.”
Why crypto traders are paying attention
The trade war has already left a mark on digital assets. Bitcoin briefly dipped below $60,000 in June after the administration announced 25% tariffs on European auto imports, and altcoin volumes slumped as traders rotated into perceived safe havens. The threat of 100% tariffs on allies — including Japan, South Korea, and Germany — has kept volatility elevated.
“Crypto markets hate uncertainty more than they hate bad news,” said one trading desk source familiar with the matter. “A clear tariff framework, even a restrictive one, would be better than the current whiplash.”
Wyden's bill is unlikely to pass a Republican-controlled Congress, but it signals growing unease on Capitol Hill about the economic fallout of the trade war — and gives crypto advocates a legislative hook to argue for stable trade policy.
What happens next
The bill has been referred to the Senate Finance Committee, where Wyden is the ranking member. No hearing has been scheduled. Meanwhile, the White House has shown no sign of backing down: trade adviser Peter Navarro said Thursday that the president “will not let Congress tie his hands on national security.”
For crypto markets, the immediate risk is the next tariff announcement. Traders are watching for any escalation ahead of the G20 finance ministers' meeting in early August. If Wyden's bill gains traction — even as a messaging vehicle — it could provide a floor for market sentiment by signaling that Congress is willing to push back.
