White House–led negotiations on the Clarity Act ended Monday without a deal, as crypto firms and banking lobbyists failed to resolve a core dispute over stablecoin yields. The meeting, hosted by presidential crypto adviser Patrick Witt, included representatives from Coinbase, Circle, Ripple, and major banking trade groups.

At issue is whether crypto exchanges should be allowed to offer interest on stablecoins. Treasury analysis warns that up to $6.6 trillion in bank deposits could migrate to stablecoins if yields are permitted. Banks say this risks creating an unregulated parallel financial system, while crypto executives argue banks are simply resisting competition.

The White House has ordered both sides to find a compromise by month’s end, but tensions remain high after Coinbase CEO Brian Armstrong withdrew support for the draft bill earlier this year.