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JPMorgan CFO Jeremy Barnum warns that interest-bearing stablecoins could form a "dangerous parallel banking system." Without the prudent regulation and safeguards developed over hundreds of years by traditional banks, providing functions similar to deposits and paying interest carries significant risks and is undesirable. Barnum stated that JPMorgan supports blockchain technology and innovation, and its stance aligns with the original intention of the GENIUS Act to establish a regulatory framework for stablecoin issuance. However, it firmly opposes the emergence of a parallel system with core banking features outside the regulatory framework. (Cointelegraph)