The legislation, which would allow the president to levy a 500% tariff on imports from countries that purchase Russian uranium, gas and oil, has gained momentum in the Senate as Trump has signaled he will escalate US action against Russia.

As Russia delays peace negotiations with Ukraine, U.S. elected officials in Congress are considering a new sanctions bill to force Russia to end its war.

After an earlier setback for the Trump administration when House Republicans failed to advance a key procedural vote on a package of legislation including three crypto measures, President Donald Trump said late Tuesday he has made a deal with Republican members of Congress to advance the legislation on Wednesday.

Republicans who voted against the cryptocurrency regulation legislation said they objected to how the bills were structured.

President Trump said late Tuesday that he has reached a deal with most of the House Republicans who derailed a procedural vote earlier in the day, putting a trio of cryptocurrency bills on a path to consideration in the lower chamber.