The US Senate has voted in favor of a resolution that could force US President Donald Trump to ask Congress for permission to continue the war with Iran.
Tuesday’s vote on the procedural war powers measure passed by a 50-47 margin, with four Republicans voting in favor According to to Reuters.
Policymakers argue that Congress, not the president, should have the authority to send troops to war under the U.S. Constitution.
American-Israeli war with Iran it’s been going on for almost three months now, putting pressure on on the global economy due to the pointed escalate in fuel and energy prices following the closure of the Strait of Hormuz. The bill could force Trump to withdraw U.S. troops from Iran unless he receives congressional approval.
However, the bill still faces significant obstacles. It must pass the full Republican-led Senate and House of Representatives, and Trump could also veto it, which would then require a two-thirds majority in both the House and Senate to override it.
Pressure is growing on Trump over the war in Iran
Democratic senator and bill sponsor Tim Kaine of Virginia he said in X that 80 days have passed since Trump started an “illegal war” with Iran.
“Congress has the power to stop this foolish conflict. Today should be the day the Senate tells the President to stop his disastrous war.”
Republican Senator Bill Cassidy Agreementwriting in the
Statement by Senator Tim Kaine. Source: Tim Kaine
Potential impact on cryptocurrency markets
Ongoing conflict i macroeconomic headwindssuch as rising inflation, hampered the recovery in the cryptocurrency market, with digital assets trading mostly sideways for almost four months.
Any potential end to the war with Iran could trigger a market rally if economies recover and confidence in higher-risk investments returns.
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Tim Sun, senior researcher at HashKey Group, told Cointelegraph on Wednesday that this “directly indicates that Trump is facing increasing domestic political pressure over his continued use of military force.”
“This signal serves as a relatively mild positive catalyst for risk assets as a whole, rather than a decisive factor. Current market attention remains focused on macroeconomic developments.”
“If geopolitical conflicts ease and then cause oil prices to decline further, this will reduce the valuation risk of all risky assets and promote a positive change in the cryptocurrency market,” he added.
Andri Fauzan Adziima, head of research at Bitrue Research Institute, told Cointelegraph that the progress of the war powers resolution is a “strong upside catalyst for cryptocurrencies, likely triggering a 6-10% surge in Bitcoin relief in the coming days.”
“Earlier de-escalation headlines triggered immediate 3% to 5% BTC price spikes, and with Bitcoin holding at $76,000-$77,000, this reduces de-risking pressure and increases flows,” he added.
Markets have not reacted at the time of writing, with Bitcoin price holding steady at around $76,500 over the past 24 hours.
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